Former Celsius CEO Alex Mashinsky Permanently Banned from Securities and Cryptocurrency Industries

New York Attorney General Letitia James announced that former Celsius CEO Alex Mashinsky will be permanently banned from engaging in the securities, commodities, and cryptocurrency industries, and must pay up to $35 million. Under the settlement agreement, Mashinsky is required to pay $10 million in illegal gains to the federal government, and if he does not serve his full sentence, he must pay $10 million to the state of New York. The New York Attorney General's office sued Mashinsky in 2023, accusing him of misleading investors regarding the safety of Celsius, defrauding hundreds of thousands of investors, including over 26,000 investors from New York state. Mashinsky is currently serving a 12-year sentence due to a parallel federal criminal case and has been ordered to forfeit over $48 million. As of August 2026, Celsius's bankruptcy proceedings have distributed over $3.4 billion to creditors.

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