Securities Regulators in Alabama, Kentucky, New Jersey, Texas, and Washington have launched investigations into Celsius Network as per Celcius’s decision on Sunday to pause all transfers, swaps, and withdrawals between accounts.
Amidst the recent crypto market condition coupled with incessant global inflation, it is important that you stay healthy, this is why we have a VIP membership on Binance, Bybit, and Kucoin exchanges, and out of concern for folks in the crypto space regarding the recent market condition.
MyCryptoParadise will be offering a 20% discount for you; use PRO20% as your promo code, long or short, it is a win-win with us, hurry now as this promo will soon be expiring.
The cryptocurrency lending platform, Celcius Network in a blog post earlier this week, said that it has temporarily suspended transactions by citing the “extreme market circumstances” as its reason. The network posited in the post that it would place them “in a better position to honor, over time, its withdrawal obligations.”
The huge sell-offs were as a result of circulating rumors on the social media that the corporation is about to go bankrupt. However, Joseph Borg, the director of the Alabama Securities Commission, said that his agency, as well as Texas, New Jersey, and Kentucky agencies are conducting an investigation into the situation.
According to him, the probe is in its early stages, and Celsius has however been responding to the inspectors’ inquiries, he posited that the Securities and Exchange Commission is in touch with the network.
“We’ll continue the investigation as to the company and whether or not we’re going to do the BlockFi model – whether they’re capable of it,” Borg added, referencing BlockFi’s $100 million settlement agreement with the U.S. Securities and Exchange Commission (SEC) and 32 states reached in February.
Celsius has also been investigated last year by Texas state Securities Regulators, an investigation that was prompted by Celsius’s advertisement of 17% return for its clients.
Become a member of our Paradise VIP family; with our Binance, Kucoin, and Bybit VIP, you can get life-changing access to knowledge and information in the cryptocurrency trading space with exclusive trading signals and precise trading strategies to maximize your market positions; use our coupon code PRO20% for a massive 20% discount on your premium membership purchase (Hurry up as this offer is expiring soon); long or short, it is a win-win with us; Join our telegram channels for free trading signals today;
- My Binance Paradise – https://t.me/MCP_binance
- My KuCoin Paradise – https://t.me/MCP_KuCoin
