/biz/ - Business & Finance

https://www.marketwatch.com/articles/celsius-pauses-crypto-withdrawals-51655107029

Crypto yield company Celsius Network is stopping customers from withdrawing cryptocurrency deposits from its platform “to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said Sunday evening in a memo to clients.

The move is a huge blow to the Hoboken, N.J.-based company, which in mid-May had $11.8 billion in cryptocurrency deposits on its platform. The company takes deposits of cryptocurrency and pays investors interest of up to 18.6% annually. Unlike those in a bank, deposits aren’t federally insured, and U.S. federal and state securities regulators have pursued the company for allegedly selling securities without making the proper registrations and risk disclosures to investors.