Crypto lending giant Celsius 'pauses' withdrawals after token value plunges
in November over fraud, money laundering and sexual assault allegations. Regulators in Alabama, New Jersey, New York and Texas have also scrutinized Celsius' activities, with New Jersey issuing a cease-and-desist order last September. Simply put, there have long been worries Celsius' business was unsustainable — the activity pause doesn't help matters.
Customers, meanwhile, might pay the price. Unlike a conventional bank, Celsius doesn't have FDIC insurance to protect users. If it fails, the roughly 1.7 million people who use the lender might not have much opportunity to recover their lost finances. While someAll products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links.
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