​​Celsius (CEL) Earlier this month, Celsius notified U.S. use | Crypto Great | Bitcoin | DeFi

​​Celsius (CEL)

Earlier this month, Celsius notified U.S. users of upcoming changes due to regulatory hurdles. In addition to holding CEL in our model portfolio, we previously recommended it as a way to earn income on your tokens and as a lending solution to borrow against your bitcoin.

Celsius Earn accounts allow users to earn yields up to 18% on their crypto assets… And borrow against crypto assets for as little as 1%.

U.S. securities regulators say that by offering interest accounts that resemble bank accounts – but without the FDIC insurance required by banks – crypto accounts are actually securities. So Celsius is implementing some changes to remain compliant. If you use Celsius as a platform or are interested in beginning to use it, here’s what you need to know:

Going forward, only accredited U.S. investors can add new assets and earn rewards on Celsius’ Earn platform.
All existing U.S. users (accredited or non-accredited) who hold assets on Celsius prior to April 15, 2022, will continue to earn rewards.
New transfers made by non-accredited U.S. users will be held in their new Custody accounts and will not earn rewards. From the new Custody account, non-accredited investors can continue to swap, borrow, and transfer tokens.
Non-accredited U.S. users who took out a loan using their crypto assets prior to April 15, 2022, will see their crypto assets returned to their Earn accounts when the loan is repaid.
These coins will continue to earn rewards as long as they remain in the Earn account.
Users outside the U.S. will not be affected by these changes.