California regulators ordered Celsius to stop selling securities in the state

BlockBeats - On August 10, the California Department of Financial Protection and Innovation (DFPI) has ordered crypto lending platform Celsius to cease all of its business in the sale and marketing of securities in the state of California. DFPI considers Celsius and its CEO Alex Mashinsky to have made material misrepresentations and omissions in providing crypto interest accounts and failed to properly explain to consumers the risks associated with acquiring a digital asset. Last month, DFPI had ordered BlockFi and Voyager to stop providing service in the state.