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CFTC Resolves Action Against Celsius Founder
The U.S. Commodity Futures Trading Commission has reached a settlement with Alexander Mashinsky, former CEO of Celsius Network, over allegations of fraud related to the platform's operations.
The Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Southern District of New York approved a consent order resolving the CFTC’s 2023 enforcement action against Alexander Mashinsky, the founder and former CEO of Celsius Network LLC. The court's order permanently bans Mashinsky from further violations of certain anti-fraud provisions and imposes trading and registration bans against him.
The case stems from allegations that Celsius, under Mashinsky's leadership, engaged in a scheme to defraud hundreds of thousands of customers by misrepresenting the safety, profitability, and regulatory compliance of its digital asset platform. Celsius promoted itself as a safe, bank-like platform offering high-yield interest payments, while secretly engaging in risky investments and suffering significant losses.
Celsius accumulated approximately $20 billion in customer funds before filing for bankruptcy. The court's order leaves Mashinsky as the sole defendant, following a parallel criminal case where Mashinsky pled guilty to commodities and securities fraud and was sentenced to 12 years in prison.
This case highlights ongoing regulatory efforts to oversee and enforce compliance in the crypto sector, especially concerning platforms that promise high returns without sufficient transparency or security.
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