Celsiuse võrk, a fintech platform that operates a crypto lending app, is currently facing growing scrutiny from regulators.
The Texas State and Securities Board has recently filed for a hearing that may set the stage for an official cease and desist order for Celsius Network. This recent decision stems from the fintech company’s failure to acquire a license for its securities offering.
In New Jersey, the Bureau of Securities has ordered the company to stop offering and selling interest-earning crypto products.
Pressure heats up
Texas’ regulator is set to hold a hearing regarding Celsius Network’s alleged offering and selling of non-registered securities. On top of this, the regulator said that the lending company did not register itself as a dealer under Texas’ Securities Act. Once these allegations have been proven to be true, Celsius Network will be subject to cease and desist order.
. New Jersey väärtpaberite büroo has announced that it had already issued a cease and desist order on the lending company.
“If you sell securities in New Jersey, you need to comply with New Jersey’s investor-protection laws. Companies dealing in cryptocurrencies are not immune from oversight,” Andrew Bruck, New Jersey’s acting attorney general, said.
What will be Texas’ decision?
While Celsius Network’s fate in New Jersey has already been sealed, Texas is yet to decide if the company has indeed conducted illegal activities.
If ever the judge decided that the lending company is guilty of the said violations, the court would order the company, and its affiliates Celsius Network Limited, Celsius US Holding, and Celsius Lending to stop its crypto offerings in Texas.
Texas said that Celsius holds more than $24 billion in digital assets as of Sept. 3, making it one of the largest decentralized finance companies in the United States.
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