Celcius banned from doing business in the state by the California Department of Financial Protection and Innovation

The California Department of Financial Protection and Innovation (DFPI) has ordered cryptocurrency lending platform Celcius to cease securities sales, marketing, and other operations in California. DFPI believes that Celcius and its CEO Alex Mashinsky have made major misrepresentations and omissions when providing encrypted interest accounts, and have not properly explained the risks of purchasing digital assets to consumers. Foresight News previously reported that the California Department of Financial Protection and Innovation (DFPI) announced in July that it is currently investigating companies that provide interest-bearing accounts for encrypted assets, including companies that prevent customer withdrawals from transferring assets between accounts.