FTC Fines Bankrupt Crypto Services Provider Celsius $4.7B for Misrepresentations; Regulatory Agency Remains in Search for Civil Money Penalty Authority

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Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed against bankrupt digital asset services provider Celsius Network LLC (Celsius) and its co-founders on July 13. This is a groundbreaking move by the FTC for two reasons. First, it marks the first time that the agency has filed suit against a digital asset-based company….
By: Troutman Pepper
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