Kentucky issues a cease and desist order to Celsius
The Kentucky Department of Financial Institutions has issued a cease and desist order against leading cryptocurrency lender Celsius Network. The firm will no longer be allowed to solicit or sell its earn interest accounts (EIAs) in the state.The state regulator said, “The Department has become aware that the company is offering securities in the form of investment contracts in exchange for the deposit of assets with the company. These investment contracts allow passive investors to earn profit in the form of interest on the assets deposited with the company, and qualify as securities under the Act.”
Celsius Network allows its users to deposit their cryptos, which are then loaned to institutions, and they earn returns of up to 17%. Their official website said, “Get paid new coins every week and borrow cash at 1%. Buy coins, earn yield, borrow, and transfer with no fees.”
However, the Kentucky financial regulator said Celsius’s interest accounts are actually securities that are allegedly being sold without proper registration.
Celsius is already facing similar issues in three other states
The cryptocurrency lender is already facing the same issue in three other states in the US. Alabama, Texas and New Jersey have accused cryptocurrency platform Celsius Network of violating securities laws with its lending program.Celsius said it is not happy with the actions of the regulators. However, the CEO Alex Mashinsky said he is looking forward to explaining the company’s business to regulatory agencies.
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