Celsius is responding to NYAG’s approach to crypto lending platforms

Cryptocurrency lending company C Network has confirmed that it is one of three platforms asked to provide information to the New York Attorney General. Celsius

In a blog post Tuesday, Celsius said it was not one of two unnamed crypto-lending platforms that New York Attorney General Letitia James ordered to “cease all operations.” Instead, Celsius said it was working to provide information about its business to New York regulators.

“If regulatory or technical changes are required in a particular jurisdiction, Celsius will provide clear and timely communication as needed,” says the loan platform. “We know that we can only grow and ensure our long-term growth through clear regulatory requirements. We anticipate and plan such regular checks and balances. “

The statement from Celsius comes after the NYAG office made a non-legally binding request for information from three nameless crypto-lending platforms operating in the state – despite AG hinting at a possible subpoena. James asks companies to provide detailed information about loan products, policies, procedures, New York customers, and other relevant information.

While Celsius has not yet received an injunction from New York state, the platform is the target of regulators in Texas and New Jersey. On September 17, the Texas State Securities Commission filed a hearing with the possibility of an injunction against Celsius cryptocurrency for allegedly failing to offer state-licensed securities. On the same day, the New Jersey Securities Office ordered the lending platform to cease offering and selling interest-bearing crypto products.

A spokesman for Celsius said at the time that it was “totally disagreeing” with the allegations and was working with US regulators to “work in full compliance with the law.” According to the platform’s response to NYAG’s request for information, Celsius “has a very open and productive dialogue with regulators around the world. “

Related: Cryptocurrency lending company C Network raises $ 400 million

Of the four other companies hit by the NYAG raid, Nexo Financial confirmed Monday that it had received one of two cease and desist orders. However, according to a spokesman for Nexo, the company does not offer monetization and exchange products in upstate New York.

“There is no point in getting an injunction for something that we in New York do not deliver anyway,” the spokesman said. “We will be in contact with NYAG because this is an obvious mixed-recipient case.”

The other three companies that have received communications from NYAG have yet to be identified. New York law requires all crypto brokers, traders, sellers, and investment advisors to register with NYAG’s Investor Protection Bureau when doing business in the state. People who are not exempted and who do not do so will be prosecuted under civil and criminal law.

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