In its latest lawsuit, the SEC labeled CelsiusNetwork and Alex Mashinsky’s $CEL token and Earn Program as unregistered securities! What else did the lawsuit mention? Read more here -
The U.S. Securities and Exchange Commission has filed a lawsuit against fallen crypto lender Celsius and its ex-boss, Alex Mashinsky after the latter was reportedly arrested on Thursday.
CEL served a variety of internal functions for Celsius users, such as boosting owners’ earnings payouts on the Celsius platform. It was how Celsius raised money during its initial coin offering in 2018. For his violations, the SEC seeks civil and disgorgement penalties against Mashinksy, as well as restrictions barring him from purchasing, offering, or selling crypto asset securities in the future.
rival lender Nexo to exit the United States last year through legal constraints against providing a crypto lending business. Several such firms including Celsius, Voyager, BlockFi, and Genesis crumbled last year, and ultimately declared bankruptcy.
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