纽约永久禁止Celsius创始人Mashinsky参与证券业务，此前其已达成3500万美元欺诈和解协议

New York Attorney General permanently bans former Celsius CEO Mashinsky from working in cryptocurrency and related industries

New York Attorney General Letitia James has permanently banned former Celsius CEO Alex Mashinsky from working in cryptocurrency, securities and commodities according to a settlement announced Friday. The settlement agreement also includes conditional payment clauses, if Masinsky complies with relevant asset forfeiture and sentencing requirements, for a total amount of up to US$35 million.

This order resolved a civil case in 2023. At the time, New York State accused Masinsky of misleading hundreds of thousands of investors about the safety of Celsius funds before the platform collapsed in 2022. The New York State Attorney General's Office said the final settlement required a payment of $25 million to New York State if Masinsky did not give up an additional $10 million in ill-gotten gains to the federal government (in excess of the assets he had given up).

Key Points

• Industry Ban: Under the New York Attorney General's settlement, Masinsky is permanently banned from entering the cryptocurrency, securities and commodities industries.
• Conditional payment: If he fails to waive an additional $10 million to the federal government, he will pay New York State $25 million; if he fails to serve his full sentence, he will pay an additional $10 million.
• Core of violation allegations: 纽约州的行动源于指控，即Celsius被宣传为低风险投资，但在损失不断累积的过程中，投资者却被蒙在鼓里。
• 多重监管背景：此次纽约州的裁决是在商品期货交易委员会（CFTC）和联邦贸易委员会（FTC）此前分别限制其在交易和金融领域活动的执法行动之后作出的。

与更大范围赔偿框架挂钩的永久性行业禁令

在宣布该协议的新闻稿中，纽约州表示，该和解案终结了针对马辛斯基和Celsius在2022年倒闭前对平台资金安全性作出虚假陈述的执法行动。协议细节显示，财务后果围绕两个条件构建：

1. 首先，如果马辛斯基未向联邦政府额外放弃1000万美元的不法所得（超越已放弃的资产），他必须向纽约州支付2500万美元。
2. 其次，如果他未服满全部刑期，和解协议还要求支付另外1000万美元。

这些条件具有特别重要的意义，因为它们将纽约州的和解案与更广泛的执法和资产没收格局联系起来，而非作为孤立的州级行动独立存在。对于关注Celsius后续影响的投资者和债权人而言，这一机制凸显了多个监管机构如何努力在民事和刑事诉讼中协调处罚措施。

纽约州对Celsius“高收益”营销手法的指控

New York State's 2023 lawsuit (cited in Friday's announcement) noted that Masinsky promoted Celsius as a safer alternative to traditional banks, while advertising reported returns of up to 17%. The indictment alleges that behind the marketing, Celsius was exposed to high-risk investments and accumulated losses that were not fully disclosed to customers.

According to the 2023 indictment, Celsius had accumulated approximately US$20 billion in digital assets as of early 2022, but struggled to generate enough revenue to maintain the returns promised to customers. According to the Commodity Futures Trading Commission (CFTC) cited in the New York state document, as losses and financing pressures increased, the company shifted to increasingly risky strategies.

As the crisis broke out, Celsius froze customer withdrawals in June 2022 and filed for bankruptcy the following month. As described in the settlement materials, bankruptcy disclosures revealed a gap of more than $1 billion between its assets and liabilities.

The New York State Attorney General's Office also reported that as of August 2026, more than $3.4 billion had been distributed to Celsius creditors through bankruptcy proceedings. This number is crucial for market participants because it frames the continuing impact of the case: creditor recovery continues through bankruptcy administration even after the collapse and prosecution.

Connection of settlement agreement to previous federal actions

纽约州的和解案是法律记录中的最新一步，其中包括多项监管禁令和民事限制。今年早些时候，联邦监管机构达成了影响马辛斯基在金融和交易生态系统部分从业能力的安排。

• CFTC行动：今年6月，商品期货交易委员会（CFTC）永久禁止马辛斯基进行交易及其在该机构的注册。
• FTC和解：在此之前，今年4月与联邦贸易委员会（FTC）达成的和解已禁止他在加密货币和金融领域工作，并要求支付1000万美元，同时暂停执行一项47.2亿美元的判决。
• SEC参与：此外，美国证券交易委员会（SEC）也参与了执法过程：9月，该机构与马辛斯基达成原则性协议，一名联邦法官于9月29日驳回SEC的民事诉讼，但未 prejudice（保留权利），以待最终和解程序的完成。

除了监管行动外，马辛斯基因欺诈罪正在服刑12年联邦监禁。该刑事案件与美国司法部描述的2024年12月认罪有关。联邦判决还包括没收超过4800万美元的命令。

综上所述，纽约州的和解案加强了监管机构在不同司法管辖区 pursued 的模式：限制涉嫌虚假陈述和损害客户利益的个人未来的参与度，同时寻求协调的经济后果。

持续挑战定罪的努力

The agreement was signed as Masinsky attempts to revoke his federal conviction and sentence. The materials pointed out that since May, he has been representing himself in the proceedings. Prosecutors opposed his motion in August, arguing that his claims were "baseless." In addition, a judge rejected Masinsky's request for investigation and evidence collection, and a subsequent order on October 5 upheld the decision. Materials show that Masinsky has until December 11 to respond to the government's objections.

This procedural background is crucial for readers to interpret the permanence of the New York State ban. Even though the conviction challenge is still ongoing, the settlement represents an independent state-level law enforcement solution with its own conditions and requirements.

The current conclusion for Celsius related creditors and the broader crypto lending industry is that enforcement activities continue long after the platform collapse-through bans, conditional payments, and coordinated asset forfeiture mechanisms. Next, it's worth noting whether Masinsky's continued efforts to overturn the conviction will affect the remaining asset forfeiture and compliance legal landscape, and how regulators will turn the Celsius era allegations into permanent access restrictions.