Celsius Network (CEL) Has Some Update for US Citizens on Custody Solution

Alex Mashinsky:  Celsius Network is launching a Custody solution for our US users and introducing some changes to our services.

Our industry is going through a paradigm shift – as previously acknowledged, we have been working with regulators around the world. In line with recent regulatory guidance, there will be changes to the way our Earn product will work for users based in the United States.

The following changes are only applicable to users in the United States and will go into effect on April 15, 2022. Users outside of the United States will not be affected by these changes.

All coins transferred into Celsius by users in the United States prior to Friday, April 15, 2022 will continue to earn rewards in Earn.

Those existing coins will continue to earn rewards from April 15, 2022 and onward, for as long as they remain in Earn.

On April 15, 2022, Celsius will be launching a new Custody solution for users in the United States. Custody will serve as the centerpiece of your home for crypto.

New transfers made by non-accredited investors in the United States will be held in their new Custody accounts and will not earn rewards.

All coins posted as collateral against a loan that is opened prior to April 15, 2022, will be returned to Earn when the loan is repaid. Those coins will resume earning rewards as long as they remain in Earn.

Confirm your accredited investor status with us so that you can continue to add new coins to your Earn account, earning rewards. For additional information, contact us at 1-866-HODL-NOW (1-866-463-5669).

We’re working hard to bring the next 100 million people into crypto and are always pursuing new ways to bring more value to all users. So, stay tuned!

Community Reaction: How will this affect the intended growth of the company and value of the CEL token Alex?

Do you mean to say, current coins in Celsius will continue to earn but all new coins will not earn unless you are an accredited investor?

This is the United States not representing the interests of the people but of the banks. No user is calling for this. This is the US government attacking the average American suffering 8.5%+ inflation (much higher).

Maybe it’s time for the ordinary folk to take to the street. I’m sure if the “accredited investors” would suddenly be denied access to yield whilst the less well-off received it? It wouldn’t take long.