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NewsBTC 2022-04-13 00:15:05

CeFi Platform Celsius Restricts Yield Rewards To Only Accredited Investors In U.S.

Celsius has been positioned as one of the leading yield-generating CeFi platforms on the market, battling neck-and-neck with other dedicated CeFi platforms such as BlockFi and Nexo. Their positioning is seemingly weakened this week, certainly with retail investors, as the platform sent out an announcement to all users and released a public announcement that new funds supplied – even from existing accounts – into Celsius’ platform would no longer be eligible to earn yield unless they are accredited investors. Let’s look at what we know from today’s release, and the events that have led up to today’s announcement. Celsius & Regulatory Challenges In The States Celsius released an announcement on their company Twitter channel, and founder and CEO Alex Mashinsky offered up a similar thread of information on Twitter. However, neither channel offers much transparency behind the reasoning around the move, which has largely been credited by speculators to be the result of increased SEC scrutiny. 1/ @CelsiusNetwork is launching a Custody solution for our US users and introducing some changes to our services. Read on to learn about what’s changing and why… — Alex Mashinsky (@Mashinsky) April 12, 2022 In the company’s official blog post on the matter, there was also little clarity on the why behind these changes. What we do know is that these changes were unlikely to be made at the behes...

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