The Financial Conduct Authority has issued a notice against the crypto lending platform Celsius for alleged failure in regulatory compliance. This notice, dated December 20, 2023, marks a critical turn in the company’s operations since it filed for bankruptcy last year.

The FCA’s decision to cancel Celsius’ approval stems from multiple significant reasons. According to the financial watchdog, Celsius failed to prudently conduct its affairs and maintain sound business practices. In a notice seen by Finance Magnates, the regulator has canceled the company’s permission to offer regulated services.

Financial Non-Compliance and Lack of Cooperation

A substantial portion of the authority’s decision is linked to Celsius’ failure to clear an overdue balance amounting to £1,561.64 owed to the authority. This outstanding sum, comprising various regulatory fees and levies from past periods, remained unpaid despite repeated requests.

Expect ongoing updates as this story evolves…

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