Cryptocurrency Exchange
Celsius Network, LLCAbout
This business has 1 alert
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:FTC Settlement
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
July 13, 2023 - The Federal Trade Commission announced a settlement with bankrupt cryptocurrency platform Celsius Network that will permanently ban it from handling consumers’ assets and charged three former executives with tricking consumers into transferring cryptocurrency onto the platform by falsely promising that deposits would be safe and always available.
The proposed settlement with Celsius and its affiliates will permanently ban the companies from offering, marketing, or promoting any product or service that could be used to deposit, exchange, invest, or withdraw any assets. The companies also agreed to a judgment of $4.7 billion, which will be suspended to permit Celsius to return its remaining assets to consumers in bankruptcy proceedings.
- Pending Government Action:Government Action: BBB reports on known government actions involving business’ marketplace conduct:SEC Indictment
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
Washington D.C., July 13, 2023
The Securities and Exchange Commission today charged Celsius Network Limited (Celsius) and its founder and former CEO, Alex Mashinsky, for violating registration and anti-fraud provisions of the federal securities laws, including by failing to register the offers and sales of Celsius’s crypto lending product, the Earn Interest Program; making false and misleading statements to investors of the Earn Interest Program and Celsius’s own crypto asset security, CEL; and engaging in market manipulation as it relates to CEL.The charges contained in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.
Business Details
- Local BBB:
- BBB Serving New Jersey
- BBB File Opened:
- 8/26/2021
Additional Information
- Business Categories
- Cryptocurrency Exchange
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