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

July 10, 2022

Reading Time: 2 minutes

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.

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.

Improve your risk management skills with our information and education by joining ParadiseFamilyVIP on Binance, Kucoin, and Bybit exchange where we analyze BTC, ETH, and other trending altcoins daily, make necessary adjustments when need be to conform with the recent market situation.

Use PRO20% for your special 20% discount now as this promo code expires soon, get life-changing information from the Paradise Team.

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.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights. And also FREE market updates.

0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Start earning profit

We aim to provide our ParadiseMembers with as much information as we can to ensure to maximize long-term profit, no matter if we are in a bullish or bearish market. We are a large scale cryptocurrency community providing you with access to some of the most exclusive life changing cryptocurrency signals, analysis, guidance and much more

Trade crypto like a pro

Related Posts…