Key Facts

• The CFTC permanently banned Alex Mashinsky from trading in markets the commodities regulator oversees, as part of a settlement that also bars him from ever registering with the regulator.
• Mashinsky and Celsius engaged in a scheme to defraud hundreds of thousands of customers by misrepresenting the safety, profitability, and regulatory compliance of Celsius’ digital asset-based finance platform.
• The CFTC alleged that Celsius received about $20 billion in funds and made risky investments to meet the returns it promised to its customers.
• Mashinsky was sentenced to 12 years in prison in May 2025 after pleading guilty to securities and commodities fraud for misleading Celsius’ customers about the safety of the crypto lending platform.
• Mashinsky is still facing charges filed by the SEC in July 2023, accusing him of making an unregistered securities offering, misrepresenting Celsius’ business and safety, and manipulating the price of its Celsius (CEL) token.