The Texas State Securities Board has reportedly opened an investigation into crypto lending platform Celsius Network over its decision to suspend user withdrawals.
According to a Thursday report from Reuters, Texas State Securities Board director of enforcement division Joseph Rotunda said the regulator began investigating Celsius on Monday shortly after the platform announced it would be “pausing all withdrawals, swaps and transfers between accounts.” Rotunda reportedly called the investigation a “priority” for the Texas regulator.
“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 enforcement director reportedly said. “The inability to access their investment may result in significant financial consequences.”
The report on a possible investigation into Celsius followed