Celsius and former CEO Mashinsky broke US rules, CFTC concludes: Bloomberg

The agency could file a case in federal court as soon as this month if a majority of the CFTC’s commissioners agree with that conclusion, Bloomberg reported citing people familiar with the matter. Attorneys at the CFTC found that Celsius misled investors and should have registered with the regulator, while adding that former CEO Alex Mashinsky also broke regulations, Bloomberg reported.The firm filed for bankruptcy about a year ago owing billions of dollars to investors.

The examiner also accused former CEO Mashinsky of selling the native token, CEL, while telling the public that he was either buying more or holding. New York Attorney General Letitia James sued Mashinsky for defrauding investors, including more than 26,000 New Yorkers, out of billions of dollars in crypto, earlier this year.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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