Title: Celsius Bans New Transfers by US Nonaccredited Investors From Earning Post by: Hydrogen on April 14, 2022, 12:04:57 AM Quote In the U.S., only accredited investors and those with coins already in the Earn platform will be able to earn rewards. Cryptocurrency lender Celsius is banning new transfers from nonaccredited investors on its U.S. platform from earning rewards on its program effective Friday.
https://www.coindesk.com/business/2022/04/12/celsius-bans-us-non-accredited-investors-from-earning-crypto-rewards/ .... Well, this sucks considering their highest interest bracket paid out 18% APY: https://celsius.network/earn It seems celsius network is relegated to the same role as coin ICOs in terms of them being accessible only to accredited investors with a net worth of over $1 million or annual income of $200,000. There is a side announcement present where celsius is being investigated and sued similar to how bitfinex and tether have been investigated since 2017: Quote The company is currently facing several legal investigations from regulators in various U.S. states on allegations its lending and earn programs might be in violation of securities laws. 18% APY is such a good deal and very much needed in eras of high inflation. Its a shame everyone can't get in on it. Title: Re: Celsius Bans New Transfers by US Nonaccredited Investors From Earning Post by: Bttzed03 on April 14, 2022, 01:04:52 AM I'm not too familiar with the US Securities laws. Can you or anyone explain how does the limiting of earning rewards to US accredited investors only make a difference? I'm asking for the legal implication of this decision.
It seems users outside of the US are still unaffected but I won't be surprised if regulators in other jurisdictions will press them too. |