Regulators in nearly half a dozen US states are looking into what caused popular crypto lending platform Celsius Network (CEL) to halt withdrawals last weekend.
According to a new report from Reuters, securities regulators from the states of Alabama, Kentucky, New Jersey, Texas and Washington have begun probing into the matter.
Celsius claimed its actions were necessary due to extreme volatility in the crypto markets.
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Reuters quotes the Texas State Securities Board’s enforcement director Joseph Rotunda as saying,
“I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts.
The inability to access their investment may result in significant financial consequences.”
Celsius Network initially announced on Sunday it was