Celsius announces only transfers from accredited US-based investors will be a...
Only “verified accredited investors” in the United States will be able to add coins to their Earn accounts starting on April 15 while users outside the country will be unaffected. Crypto lending firm Celsius Network has announced it will be launching a custody solution for users based in the United States in response to discussions with local regulators.In a Monday announcement, Celsius said its Earn product, which allows users to earn interest on crypto, would be unavailable to U.S. residents making transfers starting on Friday. According to the firm, any coins transferred to....
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Accredited investor laws are the bane of many in the crypto industry, who see them as preventing small investors from accessing big opportunities. When Celsius was recently forced to cut off access to U.S. citizens who were not accredited investors, many cried foul.Did it help some users avoid the current crisis? Or do accredited investor laws go too far in saving users from themselves and from profits, too? Two weeks ago, as speculation about Celsius solvency began to mount, users started experiencing trouble withdrawing money from their accounts. Though Celsius CEO and founder Alex....
Celsius has been positioned as one of the leading yield-generating CeFi platforms on the market, battling neck-and-neck with other dedicated CeFi platforms such as BlockFi and Nexo. Their positioning is seemingly weakened this week, certainly with retail investors, as the platform sent out an announcement to all users and released a public announcement that new funds supplied – even from existing accounts – into Celsius’ platform would no longer be eligible to earn yield unless they are accredited investors. Let’s look at what we know from today’s release, and....
The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not the business should file for Chapter 11 bankruptcy. However, most of the Celsius articles these days are quoting ‘people familiar with the matter,’ and ultimately these sources cannot be verified. Celsius....
A new survey revealed the latest trend among accredited investors in the United States, targeting the decentralized finance (defi) sphere. The study shows that a vast majority of them are likely to invest in defi this year. 70% of the Respondents Already Invested in Bitcoin According to Xangle, who surveyed 379 accredited investors, 67% of them have some knowledge about defi. Overall, such respondents claimed to have developed a significant interest in the cryptocurrency industry over the past year. But the higher interest goes beyond the respondents, as 72.2% of them stated they were....
The Celsius CEO is also seeking clarity for similar products while Mark Cuban advises going on the offensive. Support for Coinbase and its CEO, Brian Armstrong, has been pouring from the crypto community since the company disclosed in a regulatory filing on Wednesday that it had received a Wells notice from the U.S. Securities Exchange Commission. The regulator has threatened to sue the exchange over its proposed Lend program, which would offer 4% interest on customer holdings of the USDC stablecoin. Company CEO Brian Armstrong took to Twitter on Sept. 8 to vent his dismay over the lack of....