The U.S. Commodity Futures Trading Commission has permanently banned Alexander Mashinsky from trading in its markets or registering with the regulator. The move finalizes the agency's case against the former Celsius CEO, who is already serving a 12-year prison sentence for fraud.
The ban, approved by a judge in U.S. District Court for the Southern District of New York on Thursday, prohibits Mashinsky from any commodities activity. The CFTC did not add new fines, as Mashinsky had already been ordered to pay $50,000 and return $48 million in his criminal case.
The regulator stated that Mashinsky and Celsius engaged in a scheme to defraud hundreds of thousands of customers by misrepresenting the safety and profitability of the firm's digital asset platform. Celsius collapsed in 2022 amid widespread losses in the crypto sector.
This settlement marks the conclusion of the CFTC's years-long enforcement action against Mashinsky, who previously pleaded guilty to fraud charges.
