{"id":355173,"date":"2021-10-20T00:00:00","date_gmt":"2021-10-19T21:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/celsius-responds-to-nyag-crackdown-on-crypto-lending-platforms\/"},"modified":"2021-10-20T00:00:00","modified_gmt":"2021-10-19T21:00:00","slug":"celsius-responds-to-nyag-crackdown-on-crypto-lending-platforms","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/celsius-responds-to-nyag-crackdown-on-crypto-lending-platforms\/","title":{"rendered":"# Celsius responds to NYAG crackdown on crypto lending platforms"},"content":{"rendered":"

“# Celsius responds to NYAG crackdown on crypto lending platforms <\/strong>”
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Crypto lending firm Celsius Network has confirmed it is one of three platforms requested to provide information to the New York Attorney General<\/a>\u2019s office.<\/p>\n

In a Tuesday blog post, Celsius said<\/a> it was not one of the two unnamed crypto lending platforms that\u00a0New York Attorney General Letitia James ordered to \u201ccease any and all such activity\u201d around selling or offering cryptocurrencies. Rather, Celsius said it was \u201cworking on providing regulators in New York\u201d with information regarding its business. <\/p>\n

\u201cIf any regulatory or technical changes are required in a specific jurisdiction, Celsius will provide clear and timely communication as needed,\u201d said the lending platform. \u201cWe know that the only way to thrive and ensure our long-term growth is through clear regulatory guidance. We anticipate and plan for these kinds of routine checks and balances.\u201d<\/p>\n

The statement from Celsius comes following the NYAG’s office issuing a non-legally binding request for information from three unnamed crypto lending platforms operating in the state \u2014 although the AG did hint at a possible subpoena. James asked the businesses to provide details on their lending products, policies, procedures, clients in New York and other relevant information.<\/p>\n

While Celsius has not received a cease and desist order from New York state, the platform is the target of regulators in Texas and New Jersey. On Sept. 17, the Texas State Securities Board filed for a hearing with the potential to impose a cease and desist order against crypto Celsius for allegedly not offering securities licensed at the state or federal level. The same day, the New Jersey Bureau of Securities ordered the lending platform to stop offering and selling interest-earning cryptocurrency products.<\/p>\n

A Celsius spokesperson said at the time that it \u201cwholeheartedly disagreed\u201d with the allegations and was working with United States regulators \u201cto operate in full compliance with the law.” According to the platform\u2019s response to the NYAG\u2019s request for information, Celsius is \u201chaving a very open and productive dialogue with regulators around the world.\u201d<\/p>\n

Related: <\/em><\/strong>Crypto lending firm Celsius Network raises $400M<\/em><\/strong><\/p>\n

Of the other four firms targeted in the NYAG crackdown, Nexo Financial confirmed on Monday it received one of the two cease and desist orders. However, according to a Nexo spokesperson, the company does not offer its Earn Product and Exchange in New York state.<\/p>\n

\u201cIt makes little sense to be receiving a cease and desist order for something we are not offering in New York anyway,\u201d said the spokesperson. \u201cWe will engage with the NYAG as this is a clear case of mixing up the recipients of the letter.\u201d<\/p>\n

The other three companies that received notices from the NYAG remain unidentified. Under New York law, all crypto brokers, dealers, salespersons and investment advisers must register with the NYAG\u2019s Investor Protection Bureau if they are doing business in the state. Those without an exemption who fail to do so will be subject to civil and criminal penalties.<\/p>\n