Cryptocurrency lender Nexo said on April 28 it is returning to the US market given the positive attitude of US President Donald Trump to the crypto market.

In August 2022, the state of New York filed a lawsuit against the company over alleged illegal operations and fraud. Seven more US states have also undertaken legal actions against the company, ordering Nexo to stop offering its deposit products on their territory.

"America is back — and so is Nexo," Nexo's co-founder Antoni Trenchev said as quoted in a company press release following an event in Sofia attended by Donald Trump Jr.

"Thanks to the vision and leadership of President Donald J. Trump, his administration, and his family, the United States is once again a place where innovation is championed, not stifled. A place where pioneers are celebrated. Nexo is returning to America — stronger, smarter, and determined to win," he added.

Nexo quoted Trump Jr. as saying that crypto and digital assets are important for the US.

"I think crypto is the future of finance," said Donald Trump Jr, as quoted in the press release.

"We see the opportunity for the financial sector and want to ensure we bring that back to the US," he added.

Nexo, founded and managed by two Bulgarians – Kosta Kunchev and Antoni Trenchev – in 2018, accepts deposits in cryptocurrencies on which it pays interest to clients. It also provides loans using cryptocurrencies as collateral.

Globally, Nexo operates through companies registered in the UK, Switzerland, the US and offshore destinations. In Bulgaria, Nexo owns NDS, a company with around 600 employees.

In 2023, Bulgaria’s prosecution launched a probe into alleged financial violations by Nexo, raiding the company’s offices and claiming it was involved in a large-scale financial fraud scheme. Prosecutors said at the time the accusations included money laundering, tax crimes, unlicensed bank operations and computer fraud. Nexo has said the charges were politically motivated, and extremely damaging to its business.

Subsequently, the prosecution, at the time headed by Ivan Geshev, charged the company’s managers.

In December 2023, the Sofia City Prosecutor’s Office dropped all charges, saying there was no evidence of any wrongdoing by the company or its management.

In January the following year, Nexo said it filed an arbitration claim against Bulgaria worth over $3bn for damages caused by charges filed against the company.