Crypto Lending Platform Celsius Responds to New York Attorney General’s Shut Down Order

Celsius Network is fighting back against the perception that regulators have cracked down on its operations.

The crypto lending company issued a statement this week saying “Celsius is here to say” and “working closely with regulators.” Celsius also clarifies that it did not receive a cease-and-desist order from authorities in New York State.

Earlier this week, New York Attorney General Letitia James directed two crypto companies to shut down and requested that three more answer questions immediately. None of the five crypto companies in question were officially named.

The London-based Celsius Network does acknowledge that the company received a “request for information” from NY authorities.

“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.”

In September, Texas, New Jersey and Kentucky all took legal measures against Celsius Network. New Jersey and Kentucky issued cease-and-desist orders, with New Jersey claiming the company had unlawful sales of “interest-earning cryptocurrency products.”

Texas filed a notice for a hearing to take place next year to determine if it should also issue a cease-and-desist order against Celsius for illegally selling “cryptocurrency interest-earning accounts.”

Celsius Network’s native token CEL is trading at $5.25 at time of writing and is down more than 7% on the week, according to CoinGecko.

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Featured Image: Shutterstock/agsandrew