I received a notice from Celsius wherein, it seems to me that the Earn Rewards program is off the table for U.S. crypto holders on any new funds unless one is an "accredited investor." While existing funds in the "old" account will still earn rewards, any new money deposited will not. To my mind this makes my Celsius account essentially worthless. I will admit that the notice is a little bit confusing, as it says in one bullet point, "Your Custody account will serve as the centerpiece of your home for crypto, providing a secure way to navigate across Celsius’ products, including store, access, borrow, spend, earn and grow." Note the words "earn" and "grow" in that statement. Then it says right below that, "New transfers made by non-accredited investors in the United States will be held in their new Custody accounts and will not earn rewards." The only reason I held any crypto in my Celsius account was to earn rewards on my holdings, so barring the ability to do that it seems to me the only logical thing to do is to liquidate what I have there. A notice like this, which is in response to U.S. regulatory considerations also gives me a bit of pause as to what the future of crypto actually is, and causes me to reconsider if or how crypto fits in my overall strategy as an investor overall.
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So the only way, is to leave the old funds in there as long as or you withdraw the interests on the old and let it grow again
I will certainly have to weigh my options.
And what was your evaluation?
I have not made one yet. The new rule goes into effect today and so I need to take a closer look at what it all actually means going forward.
Okidoki Good luck mate!