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States Act Against Celsius Network for Unregistered Products

  • Texas, N.J., and Alabama move against crypto lending accounts
  • Celsius Network is one of largest crypto lending companies
Alex Mashinsky, chief executive officer of Celsius Network, during a conference in Beverly Hills, in 2018.
Alex Mashinsky, chief executive officer of Celsius Network, during a conference in Beverly Hills, in 2018.Photographer: Dania Maxwell/Bloomberg
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States on Friday took action against Celsius Network, accusing the company, which purports to be one of the world’s largest cryptocurrency lenders, of offering residents unregistered securities.

Texas filed a notice seeking a hearing to determine whether to issue a cease and desist order against the company. The action means Celsius will have to show why it shouldn’t be ordered to stop offering its products to state residents. The hearing is scheduled for February 14.