Celsius Network fined $4.7B by FTC

The U.S. Federal Trade Commission has issued a $4.7 billion fine against bankrupt crypto lender Celsius Network.

According to the July 13 announcement, Celsius and its affiliate companies will be permanently banned from “offering, marketing, or promoting any product or service that could be used to deposit, exchange, invest, or withdraw any assets.”

The New Jersey-based firm marketed a variety of cryptocurrency products and services to consumers, such as interest-bearing accounts, personal loans secured by their cryptocurrency deposits, and a cryptocurrency exchange. In its complaint, the FTC alleged that co-founders Alex Mashinsky, Shlomi Leon, and Hanoch Goldstein marketed the platform as a “safe place” for consumers to deposit their cryptocurrency while misappropriating over $4 billion in consumers’ assets.

This is a developing story, and further information will be added as it becomes available.