Celsius Statement on US Regulatory Updates
TL;DR — Celsius has not received a cease and desist order in NY. Celsius is working closely with regulators. Regulation is vital to Celsius’ continued success and growth, and to the cryptocurrencies space as a whole.
It’s been an incredible year of growth for Celsius as we’ve added hundreds of thousands of new customers to our community, hundreds of new employees to our team, and now count over $25B in crypto assets.
We are so proud of the progress we’ve made in the industry and the value we’ve created for our community thus far. Our goal is to continue growing at an exponential pace to keep up with the needs of our customers and the requirements defined by state and federal regulators to provide fair, transparent, and secure services to our 1 million+ customers around the world.
With an increased public-facing regulatory interest in Celsius, we’re now operating at the level of major corporations like Uber, Google, and Facebook — all of whom are no strangers to regulatory requirements and procedures. We believe that regulators will eventually come to terms with this new and dynamic crypto world, but we know one thing is certain: Celsius is here to stay.
While some recent headlines and social media posts about Celsius’s regulatory status are targeting clicks and chaos, we’re focused on our mission — to bring you closer to financial freedom.
To cut through the fake news and social media FUD, we thought we’d provide you with the facts about our relationship with regulators and what this means for Celsius as we continue to grow.
Fact: Increased regulatory interest is not unique to Celsius.
Cryptocurrency is only in the beginning stages of its journey to mass adoption. The crypto industry as a whole is maturing and growing based on evolving guidelines from regulatory bodies. Regulators are engaging with a variety of players in this market, making sure we can continue to innovate while protecting consumers and building trust.
While we are all craving regulatory clarity, such a process takes time. However, we must remember regulation is vital to the growth and adoption of the crypto space around the world.
Fact: Celsius is working closely with US states to provide clarity about our business operations.
Celsius has received several inquiries from regulators that would like to better understand what we do, how we do that and how we comply with regulatory requirements. We are having a very open and productive dialogue with regulators around the world.
Fact: Celsius has NOT received a cease and desist from New York state.
Celsius has received a request for information (and not a cease and desist) from NY authorities. We are now working on providing regulators in New York with information about our business and offering.
Fact: We expect additional US states to reach out to Celsius requesting information.
We want our community to know that additional states may have questions or require more information from Celsius about our operations, and that we are committed to work in full cooperation with them. If any regulatory or technical changes are required in a specific jurisdiction, Celsius will provide clear and timely communication as needed.
Fact: Celsius is committed to transparency, innovation, and sustainability.
We know that the only way to thrive and ensure our long-term growth is through clear regulatory guidance. We anticipate and plan for these kinds of routine checks and balances.
We want to thank you for your continued support for Celsius, for financial freedom, and for the future of finance.
In case you missed it, here are some recent highlights from Celsius:
- Celsius just closed a $400M fundraising round and is now valued at over $3B: https://cointelegraph.com/news/crypto-lending-firm-celsius-network-raises-400m
- Sign up to be a beta tester for Celsius swaps: https://celsius.network/swap-crypto
- Celsius now supports sign-up and KYC on desktop. Create your account at: https://app.celsius.network
- Celsius stablecoin loans are now available starting at $100: https://blog.celsius.network/celsius-stablecoin-loans-now-starting-at-100-7653aff89cad
Celsius is a democratized reward-earning and crypto lending platform accessible via web and mobile app. Built on the belief that financial services should only do what is in the best interests of the community, Celsius is a modern platform where membership provides access to curated financial services that are not available through traditional financial institutions. Crypto holders can earn rewards by transferring their coins to their Celsius account and can borrow USD or stablecoins against their crypto collateral at interest rates starting at 1% APR.
Download the Celsius app and start earning rewards on your crypto today!