Non-accredited Celsius users of US won’t be able to earn on Crypto holdings

Non-accredited Celsius users of US won't be able to earn on Crypto holdings 2

Celsius is moving toward a new policy for US-based users to restrict nonlegitimate users from Earning Crypto Rewards.

Celsius is one of the crypto banking platforms of the crypto industry, which provides traditional Bank services for the crypto assets holders. On this platform, people can lend and borrow funds on behalf of crypto assets use in the form of collateral. This platform is currently under investigation by US agencies about its crypto earning program. Reportedly Celsius earn program may be part of the securities offerings.

This week, Celsius published its new blog and noted that it is going to change its policies for the US-based users of its platform. 

Under the newly introduced policy, only accredited Celsius users will be able to make earnings through their crypto assets holding in their accounts. And to be a US accredited customer, an investor should have a $200,000 net income or a net worth of over $1 million. 

This new policy will come into effect on 15 April of this year. Before this date, all the accredited and non-accredited users will be able to earn income on their holdings in the account. And also this new policy will apply to new users. 

The non-eligible users, or say, nonaccredited users, will still be able to swap, borrow and transfer their assets in the custody platform, as per local rules on their locality-based policies of Celsius. 

Celsius also stated: 

“As we previously have acknowledged, Celsius has been working closely with regulators around the world. We intend to be as transparent with our community as possible.”

Celsius further noted that they are currently working on new policies with US regulators. 

“More specifically, we have been in ongoing discussions with United States regulators regarding our Earn product. As a result, there will be changes to the way our Earn product will work for users based in the United States.”

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