New York regulators permanently ban Celsius founder from participating in crypto business

On October 10, according to Cointelegraph, the New York State Department of Financial Services (DFS) recently issued an order formally imposing a permanent industry ban on Celsius founder Alex Mashinsky. Under this ruling, Mashinsky will be permanently prohibited from directly or indirectly directing, organizing, or supervising any cryptocurrency-related business or commercial activity conducted in New York.

This administrative order stems from the DFS's investigation into his investor fraud. As a key component of a prior settlement agreement, the regulators deemed it necessary to take stringent measures to prevent potential risks. Although Mashinsky has already been penalized in criminal proceedings, this ban specifically targets his expertise in the cryptocurrency sector, ensuring he cannot leverage his personal influence to mislead investors or participate in new crypto projects even after his release from prison. The document stipulates that the ban will remain in effect until Mashinsky's death.