{"id":416004,"date":"2023-07-06T13:15:48","date_gmt":"2023-07-06T13:15:48","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=416004"},"modified":"2023-07-06T13:15:54","modified_gmt":"2023-07-06T13:15:54","slug":"cftc-investigators-find-celsius-former-ceo-guilty-of-regulatory-breach","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/cftc-investigators-find-celsius-former-ceo-guilty-of-regulatory-breach","title":{"rendered":"CFTC Investigators Find Celsius, Former CEO Guilty of Regulatory Breach"},"content":{"rendered":"<ul class=\"has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background\">\n<li><strong>What<\/strong> The US Commodity Futures Trading Commission is alleging that Celsius and its former CEO broke investment laws<\/li>\n\n\n\n<li><strong>Why<\/strong> It says they deceived investors and failed to register with the responsible authority<\/li>\n\n\n\n<li><strong>What<\/strong> <strong>next<\/strong> A lawsuit could be filed later this month<\/li>\n<\/ul>\n\n\n\n<p>Federal investigators with the US agency Commodity Futures Trading Commission (CFTC) have surmised that Celsius Network and its former CEO Alex Mashinsky violated US rules.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-regulator-to-vote-on-next-steps\">Regulator to Vote on Next Steps<\/h2>\n\n\n\n<p>According to a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-05\/cftc-probe-concludes-crypto-lender-celsius-ex-ceo-mashinsky-broke-rules\">June 5 report by Bloomberg<\/a>, CFTC investigators have concluded that defunct crypto lending platform Celsius Network violated multiple US laws during its years of operation.<\/p>\n\n\n\n<p>The same submission was made regarding its former CEO, Alex Mashinsky, who was also said to have been complicit in the crime.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/twitter.com\/TokenBeam\/status\/1676882126736879618?s=20\n<\/div><\/figure>\n\n\n\n<p>The investigators&rsquo; findings indicate that both parties intentionally deceived investors and failed to register with the appropriate agency, despite offering services to users in the region.<\/p>\n\n\n\n<p>Following its submission, CFTC commissioners are set to vote on the findings, and if approved by a majority, a new lawsuit may be initiated against the defendants later this month.<\/p>\n\n\n\n<p><a href=\"https:\/\/insidebitcoins.com\/news\/a-lawsuit-filed-against-celsius-network-ensnares-crypto-firm-wintermute\">Celsius Network faced intense scrutiny<\/a> in 2022 when it halted user fund withdrawals. Since then, the platform has ceased operations and faced multiple lawsuits.<\/p>\n\n\n\n<p>Apart from the upcoming lawsuit by the CFTC, the <a href=\"https:\/\/insidebitcoins.com\/news\/mark-cuban-criticizes-u-s-secs-ineffective-approach-to-crypto-regulation\">US Securities and Exchange Commission (SEC)<\/a> and the New York State Attorney General have also taken legal action against the lending platform.<\/p>\n\n\n\n<p>Speaking on January 5, 2023, regarding the grounds for the lawsuit, the New York Attorney General (NYAG) office led by Letitia James stated that Mashinsky blatantly lied to investors about the risk of investing in the platform.<\/p>\n\n\n\n<p>The NYAG added that the embattled CEO hid the company&rsquo;s palpable financial condition and did not register with the relevant authorities.<\/p>\n\n\n\n<p>Following its downfall, James claims that Celsius and its CEO defrauded approximately 26,000 New Yorkers, resulting in billions of dollars in losses.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I'm suing the former CEO of cryptocurrency platform <a href=\"https:\/\/twitter.com\/CelsiusNetwork?ref_src=twsrc%5Etfw\">@CelsiusNetwork<\/a> for defrauding investors out of billions of dollars.<br><br>Alex Mashinsky lied to people about the risks of investing in Celsius, hid its deteriorating financial condition, and failed to register in New York.<\/p>&mdash; NY AG James (@NewYorkStateAG) <a href=\"https:\/\/twitter.com\/NewYorkStateAG\/status\/1611023481285578752?ref_src=twsrc%5Etfw\">January 5, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The serial entrepreneur Mashinsky has publicly stated that the NYAG has a fundamental misunderstanding of the company&rsquo;s business and his role there.<\/p>\n\n\n\n<p>In its heyday, Celsius Network touted itself as a haven for investors to get crypto-backed loans and generate passive income from lending these virtual assets.<\/p>\n\n\n\n<p>Simultaneously, it offered interest rates upwards of 10% for investors directly holding their virtual tokens on its website.<\/p>\n\n\n\n<p>However, the series of crypto platform fall-outs saw the platform fold up in mid-June 2022.<\/p>\n\n\n\n<p>Since then, the crypto lending platform has faced significant challenges and eventually filed for bankruptcy protection after investors could not access their funds.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-related-news\">Related News<\/h3>\n\n\n\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/bittrex-challenges-sec-lawsuit-argues-lack-of-congressional-authorization\">Bittrex Challenges SEC Lawsuit Over Lack of Congressional Authorization<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/coinbase-wins-supreme-court-ruling-in-arbitration-lawsuit\">Coinbase Wins Supreme Court Ruling in Arbitration Lawsuit<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/cftc-coinbase-and-robinhood-to-testify-before-congress-today-on-recently-introduced-crypto-law\">CFTC, Coinbase, and Robinhood to Testify Before Congress Today on Recently Introduced Crypto Law<\/a><\/li>\n<\/ul>\n\n\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Most Searched Crypto Launch - Pepe Unchained<\/p>\n                                    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<\/div><!--\/.inContentProvider--single-->\n                            \n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Federal investigators with the US agency Commodity Futures Trading Commission (CFTC) have surmised that Celsius Network and its former CEO Alex Mashinsky violated US rules. <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":416018,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CFTC Investigators Find Celsius, Former CEO Guilty of Regulatory Breach<\/title>\n<meta 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