Celsius Founder Alexander Mashinsky Banned from Crypto in FTC Settlement
- Alexander Mashinsky, founder of Celsius, is permanently banned from the crypto industry as part of a $10 million settlement with the Federal Trade Commission (FTC).
- Mashinsky’s ban includes prohibitions on advertising, marketing, promoting, offering, or distributing crypto-related products or services.
- The settlement includes a suspended $4.72 billion monetary judgment related to the $4.7 billion crash of Celsius in 2022.
- Mashinsky is serving a 12-year prison sentence for fraud and market manipulation after pleading guilty to commodities and securities fraud at Celsius.
- In addition to prison time, he faces three years of supervised release and financial penalties including a $50,000 fine and forfeiture of $48 million.
Alexander Mashinsky’s permanent ban from cryptocurrency activities follows his role in the collapse of Celsius, which left customers unable to access billions in deposits. The FTC settlement requires him to pay $10 million as part of monetary relief obligations.
This action highlights regulatory efforts to hold individuals accountable for significant financial misconduct within the crypto industry. (Source)
