Spotlight on Celsius as Texas Securities Regulators Initiate Investigation: Report

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Reuters reports Thursday that regulatory scrutiny of the Celsius network, the leading crypto lender in the turbulent market, continues to grow.

Celsius headlined this week as concerns about a potential shift to bankruptcy arose following the decision to suspend customer withdrawal.

According to the report, the Texas Securities Commission has confirmed that it has actually begun an investigation into crypto lenders. Other investigations have begun in Alabama, Washington and New Jersey.

Texas regulators reportedly identified the issue as a “priority”, fearing that the company’s situation would have serious financial implications for its customers.

An investigation into Celsius comes when a New Jersey-based company is trying to navigate the muddy waters it is currently walking. On Wednesday, the company moved to hire a restructuring lawyer.

Alex Masinsky, CEO of Celsius, has assured customers and the wider community that the company is “non-stop working” on this issue. Apart from this, there isn’t much to do and the “freeze” of all withdrawals remains.

Post Spotlight on Celsius When Texas Securities Regulators Launched Investigation: The Report was first published in the Coin Journal.

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