BREAKING: Celsius Fined Enormous Sum By SEC• July 13, 2023 11:53 am • Comments
ProCoin News recently reported that former Celsius CEO Alex Mashinsky was arrested on Thursday morning by U.S. authorities.
As part of the formal charges against the bankrupt lender, Celsius has been ordered by the SEC to pay an incredibly hefty fine.
Moreover, the firm has been banned from engaging in trading and other financial activities. …
However, the fine has reportedly been suspended for the time being until Celsius reimburses clients and creditors.
Whale Coin Talk reports: “Celsius Network has been banned from trading and fined $4.7 billion by the Federal Trade Commission.”
— Whale Coin Talk (@WhaleCoinTalk) July 13, 2023
Former Celsius CEO arrested, company agrees to pay $4.7 billion settlement: CNBC
— Steve Burns (@SJosephBurns) July 13, 2023
⚠️ JUST IN: FTC fines CELSIUS NETWORK $4.7 billion and bans it from trading. Former CEO Alexander Mashinsky has not agreed to settlement – Tweet
— BecauseBitcoin.com (@BecauseBitcoin) July 13, 2023
Coin Telegraph provided background information on Celsius’ former operations:
The New Jersey-based firm marketed a variety of cryptocurrency products and services to consumers, such as interest-bearing accounts, personal loans secured by their cryptocurrency deposits and a cryptocurrency exchange.
One user had this to say: “Where is Celsius finding $4B for settlement? Operations gonna be handed to big banks & revenue will be used for fines over time? Either way, SEC is willing to settle.”
Where Celsius finding $4B for settlement? Operations gonna be handed to big bank & % revenue will be used for fine over time? 🤔Either way, SEC willing to settle. IMO give clarity to $COIN eventual settlement. Once reg uncertainty removed, catch up to $BTC https://t.co/Hpk9TzhfqI pic.twitter.com/RNzBlkuxJa
— echotoall (@echotoall) July 13, 2023
The settlement does not apply to former Celsius executives, including former CEO Alex Mashinsky, as well as co-founders Shlomi Daniel Leon and Hanoch Goldstein.
The executive trio, the FTC said, did not reach a settlement with the regulator and would face federal court proceedings as a result.
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