Crypto lending firm CelsiusNetwork won’t give rewards to any US-based accounts unless verified. “In line with recent regulatory guidance, there will be changes to the way our Earn product will work [...] in the United States”, said CEO Mashinsky.
Crypto lending firm Celsius Network has announced it will be launching a custody solution for users based in the United States in response to discussions with local regulators.its Earn product, which allows users to earn interest on crypto, would be unavailable to U.S. residents making transfers starting on Friday.
Only “verified accredited investors” in the U.S. will be able to add coins to their Earn accounts, while users outside the country will be unaffected. Celsius said the changes to its products were the result of “ongoing discussions with United States regulators.” In 2021, some state-level regulators against the platform for allegedly offering unlicensed securities with its interest-earning accounts.
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