The trouble continues for Celsius – Since June 12, 2022, Celsius Network has decided to suspend its withdrawals as well as its transfer and exchange services. It didn’t take more financial regulators of certain states of the United States, including Texas and Alabama, to open a investigation on this decision taken by the company.
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Texas and other states launch investigation into Celsius
On June 16, 2022, the media Reuters announced that the securities regulators of the States of the Texasof alabamafrom New Jersey, from Kentucky and of Washington opened a celsius survey. Regulators have decided to open an investigation into the crypto lending company. This decision was taken after it announced that it was blocking its withdrawals.
Moreover, the director of law enforcement at the Texas State Securities Board stated that this investigation was ” a priority “.
Then, with respect to Alabama, the director of the Securities Commission, Joseph Borg, reported that Celsius was collaborating. However, he insisted that theinvestigation is onlyat its beginnings. Furthermore, Joseph Borg referred to the fact that the Securities and Exchange Commission (SEC) is also reportedly in discussion with Celsius.
In addition, it should be remembered that Celsius Network had already been in the sights of regulators last September. Indeed, the financial policemen of the states of Kentucky, New Jersey and Texas had issued a cease and desist order to Celsius. The reason for this order is that the celsius products should have been registered as financial securities.
Finally, last February, BlockFi had to pay a $100 million fine imposed by the SEC. This fine was stopped on the basis of a transactional protocol in order to avoid a long legal process.
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