VRB News
Virtual Reality Brisbane
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
No Result
View All Result
Home IT news

California’s Consumer Financial Protection Bureau calls on Celsius to cease

admin by admin
August 11, 2022
in IT news
0
California’s Consumer Financial Protection Bureau calls on Celsius to cease
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter

The California Consumer Protection Agency DFPI continues to take a hard hand against crypto savings platforms. After BlockFi and Voyager were already asked to stop their business operations in California, Celsius is now being targeted by the authority.

In the official cease-and-desist request, the Consumer Financial Protection Bureau argues that the Celsius Network and its managing director Alex Mashinsky are engaged in the unlawful sale of unauthorized securities in the form of crypto savings accounts. Among other things, the DFPI complains that the savings platform has not sufficiently communicated the associated risks to consumers.

Thus, Celsius would earn from the fact that the crypto funds invested by users are lent to third parties, which, however, is fraught with great risks, because these third parties could lose funds or not repay loans on time, which in turn could lead to liquidity bottlenecks at Celsius.

These objections have now come true to the chagrin of consumers, because in the wake of the crisis on the crypto market, the savings platform has gone wrong and had to file for bankruptcy. Previously, a withdrawal freeze was already imposed, which means that crypto investors can no longer access their invested funds at the moment.

In July 2022, the Consumer Financial Protection Bureau had already issued two similar cease-and-desist requests to BlockFi and Voyager. Voyager Digital, which is associated with the failed crypto hedge fund Three Arrows Capital (3AC), had to go into bankruptcy on July 6.

Previous Post

Sixense and Samsung will support STEM at GearVR

Next Post

Chip group benefits from the boom in electric cars

admin

admin

Related Posts

Gamer’s Week 2023: Know all the promotions on Amazon Mexico
IT news

Gamer’s Week 2023: Know all the promotions on Amazon Mexico

February 6, 2023
ChatGPT gets paid version with subscription model
IT news

ChatGPT gets paid version with subscription model

February 2, 2023
When is the HOT SALE 2023 in Mexico?
IT news

When is the HOT SALE 2023 in Mexico?

January 31, 2023
Dedicated Servers
IT news

The advantages of dedicated servers: cost, performance, security

January 27, 2023
Different types of proxies and their benefits for online security
IT news

Different types of proxies and their benefits for online security

January 27, 2023
Next Post
Chip group benefits from the boom in electric cars

Chip group benefits from the boom in electric cars

Premium Content

Why to use content other than marketing?

Why to use content other than marketing?

July 8, 2020
Oculus Mobile VR Jam with 1 million in prizes

Oculus Mobile VR Jam with 1 million in prizes

July 11, 2022
DevOps underestimated at universities

How Germans learn the Java programming language

June 14, 2021

Browse by Category

  • Games
  • IT news
  • Tech
  • World

VRB News is ready to cooperate with webmasters and content creators. Send an email to info@virtualrealitybrisbane.com

Categories

  • Games
  • IT news
  • Tech
  • World

Recent Posts

  • Gamer’s Week 2023: Know all the promotions on Amazon Mexico
  • ChatGPT gets paid version with subscription model
  • When is the HOT SALE 2023 in Mexico?

© 2021 - The project has been developed ServReality

No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact

© 2021 - The project has been developed ServReality

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?