ICYMI: Vermont regulator joins ‘multistate investigation’ into Celsius
financial activities to investors
The Vermont Department of Financial Regulation has joined a “multistate investigation” into troubled crypto lender Celsius, according to a Tuesday statement. The regulator found Celsius of not disclosing critical information, namely the platform's financial condition, investing activities, risk factors and ability to repay its obligations to depositors and other creditors, according to a consumer“Previous representations made by the Company, its CEO, and other Celsius representatives about the safety of customer funds and the company’s ability to meet withdrawal obligations are untrue,” said the notice.
The department also said that Celsius has been engaged in an “unregistered securities offering” by offering cryptocurrency interest accounts to retail investors. It also found Celsius lacking of money transmitter license, making them “operating largely without regulatory oversight.
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