New Jersey and Texas Turn Up the Heat on Crypto Lender Celsius Network for Allegedly Selling Unregistered Securities.
19 Sep 2021, 08:00
New Jersey and Texas Turn Up the Heat on Crypto Lender Celsius Network for Allegedly Selling Unregistered Securities
Two US states are filing legal actions against a cryptocurrency lending company they claim is selling unregistered securities.
Texas and New Jersey are taking legal measures against London-based Celsius Network (CEL) for allegedly raising funds through sales of unregistered products.
New Jersey is issuing a cease and desist order for unlawful sales of “interest-earning cryptocurrency products,” forcing the network to stop offering those products in the state. According to the statement, Celsius is partly funding its crypto lending and trading operations through the sale of securities that are allegedly in violation of the New Jersey Securities Law.
Texas is filing a notice for a hearing next year to determine if it should also issue a cease and desist order against Celsius for illegally selling “cryptocurrency interest-earning accounts.”