Former Celsius CEO Alex Mashinsky permanently banned from the securities and cryptocurrency industry

New York State Attorney General Letitia James has reached a settlement with former Celsius CEO Alex Mashinsky, who has been permanently banned from engaging in securities, commodities, and cryptocurrency businesses and faces up to $35 million in compensation. According to the agreement, Alex Mashinsky is required to surrender $10 million in illegal gains to the federal government, or pay $25 million to the state of New York, and an additional $10 million if he has not completed his sentence. The New York State Attorney General's Office has accused Alex Mashinsky of defrauding hundreds of thousands of investors. Alex Mashinsky is currently serving a 12 year sentence for a federal criminal case and has been sentenced to confiscation of $48 million. As of August 2026, Celsius bankruptcy proceedings have distributed $3.4 billion to creditors.