Regulators of Texas And Alabama Commence Investigation Into Embattled Celsius and Voyager

July 10, 2022

MCP News Free

Regulators of Texas And Alabama Commence Investigation Into Embattled Celsius and Voyager

The Securities and Exchange Commission (SEC) of Texas and Alabama have extended their investigation into the troubled crypto lending firms, Voyager and Celsius, according to Bloomberg reports.

Securities regulators in Texas and Alabama are expanding their investigations into crisis-hit crypto lenders Voyager and Celsius https://t.co/uqDDk9EHza
— Bloomberg (@business) July 8, 2022

Joseph Rotunda, the enforcement director at the Texas States Securities Board said the regulators will look into the reports that the mentioned firms did not properly disclose how they are handling clients’ funds. The financial watchdog will as well investigate potential cases of improper disclosure.

In a statement by Rotunda, “What we’re seeing now is that a lot of these crypto-lending firms may not have fully disclosed what they were doing on the backside with investors’ money.”

“The risks associated with those types of lending practices, or even the other types of transactions they are engaging in,” he added.

Chaos hitting the crypto lenders in the current market downturn may be attributed to poor risk management skills, an aspect of trading considered important for any cryptocurrency traders and investors.

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Voyager and Celsius are both troubled since the market downturn with both firms equally facing liquidity crisis. Celsius, on June 13 announced that it is pausing deposits, withdrawals, and transfers citing “extreme market conditions,” while Voyager earlier this month was left with no option but to file for bankruptcy after Three Arrows Capital could not manage to pay back its $650 million loan.

Celsius has also in recent times been slapped with a class-action lawsuit for allegedly running a Ponzi scheme.

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