{"id":342213,"date":"2023-07-13T19:20:26","date_gmt":"2023-07-13T18:20:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=342213"},"modified":"2023-07-13T18:30:19","modified_gmt":"2023-07-13T17:30:19","slug":"federal-trade-commission-settles-with-celsius-for-4-7b-fine-permanently-bans-company-from-all-trading-activities","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/federal-trade-commission-settles-with-celsius-for-4-7b-fine-permanently-bans-company-from-all-trading-activities\/","title":{"rendered":"Federal Trade Commission settles with Celsius for $4.7B fine; permanently bans company from all trading activities"},"content":{"rendered":"<p>The Federal Trade Commission (FTC) permanently banned bankrupt lender <a href=\"https:\/\/cryptoslate.com\/companies\/celsius-network\/\">Celsius<\/a> (<a href=\"https:\/\/cryptoslate.com\/coins\/celsius\/\">CEL<\/a>) Network &#8220;from offering, marketing, or promoting any product or service that could be used to deposit, exchange, invest, or withdraw any assets,&#8221; according to a July 13 <a href=\"https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2023\/07\/ftc-reaches-settlement-crypto-platform-celsius-network-charges-former-executives-duping-consumers\">statement<\/a>.<\/p>\n<p>The regulator further stated that it agreed to a $4.7 billion fine with the bankrupt crypto company. However, the fine would be &#8220;suspended to permit Celsius to return its remaining assets to consumers in bankruptcy proceedings.&#8221;<\/p>\n<h2>FTC says Celsius deceived customers with false promises<\/h2>\n<p>According to a July 13 <a href=\"https:\/\/www.ftc.gov\/system\/files\/ftc_gov\/pdf\/2223137celsiusnetworkcomplaint.pdf\">court filing<\/a>, FTC said Celsius and its top executives, including its co-founder Alex Mashinksy, claimed the platform was safer than banks in several promotional materials and deceived users by falsely promising they could withdraw their crypto deposits anytime.<\/p>\n<p>Additionally, the regulator highlighted other promises the exchange used to sway users to its platform, including claims that it did not make any unsecured loans and that it maintained a $750 million insurance policy for deposits<\/p>\n<p>However, FTC said Celsius misappropriated around $4 billion in customer deposits and routinely made unsecured loans, totaling $1.2 billion as of April 2022. Besides that, the company did not hold a $750 million insurance policy for deposits and lacked a system to track its assets and liabilities until mid-2021.<\/p>\n<p>In his statement, the director of FTC's Bureau of Consumer Protection, Samuel Levine, described Celsius's business model as an &#8220;old-fashioned swindle.&#8221;<\/p>\n<h2>Case against Celsius co-founders to proceed<\/h2>\n<p>FTC stated that the case against Celsius's three co-founders, Alexander Mashinsky, Shlomi Daniel Leon, and Hanoch &#8220;Nuke&#8221; Goldstein, would proceed in a federal court as they have not agreed to a settlement.<\/p>\n<p>The regulator noted that Celsius's co-founders protected withdrew significant sums of cryptocurrency from Celsius two months before it became bankrupt while lying to their customers about the company's financial health.<\/p>\n<p>Earlier today, Mashinksy was <a href=\"https:\/\/cryptoslate.com\/celsiuss-mashinsky-arrested-sec-files-securities-fraud-charges\/\">arrested<\/a>, and several federal agencies, including the U.S. Securities and Exchange Commission (SEC), brought charges against him.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Trade Commission (FTC) permanently banned bankrupt lender Celsius (CEL) Network &#8220;from offering, marketing, or promoting any product or service that could be used to deposit, exchange, invest, or withdraw any assets,&#8221; according to a July 13 statement. The regulator further stated that it agreed to a $4.7 billion fine with the bankrupt crypto [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":342225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901],"tags":[77137,78690],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Federal Trade Commission settles with Celsius for $4.7B fine; permanently bans company from all trading activities<\/title>\n<meta name=\"description\" content=\"The Federal Trade Commission (FTC) has fined Celsius $4.7 billion and barred the company from crypto trading services.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/federal-trade-commission-settles-with-celsius-for-4-7b-fine-permanently-bans-company-from-all-trading-activities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Trade Commission settles with Celsius for $4.7B fine; permanently bans company from all trading activities\" \/>\n<meta property=\"og:description\" content=\"The Federal Trade Commission (FTC) has fined Celsius $4.7 billion and barred the company from crypto trading services.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/federal-trade-commission-settles-with-celsius-for-4-7b-fine-permanently-bans-company-from-all-trading-activities\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-13T18:20:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-13T17:30:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/07\/ftc-celsius.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/federal-trade-commission-settles-with-celsius-for-4-7b-fine-permanently-bans-company-from-all-trading-activities\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/federal-trade-commission-settles-with-celsius-for-4-7b-fine-permanently-bans-company-from-all-trading-activities\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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