Celsius Network Starts Offering Its CEL Tokens For US User After Legal Review

August 12, 2019 / by Crypto.IQ

The Celsius Network announced that beginning today its US-based users will have access to its CEL services. At the beginning of this year, the network suspended its service in the US as it was reviewing it through outside counsel. They did so in the interests of the Celsius community and not as a result of any regulatory concerns.

US Customers can now access CEL utilities

Celsius Network General Counsel and Chief Compliance Officer, Jeremie Beaudry, stated that they were delighted to resume services in the US. Customers can now access CEL tokens. He acknowledged their users’ patience as Celsius took its time to study its token to ensure they are offering a compliant product.

The network recently announced its first anniversary since its product launch. The company indicated that it is one of the largest coin loan and interest income providers through a mobile app in more than 150 jurisdictions. The network is built on the premise that financial services should always offer what is best for the users.

Users can get loans against their tokens at an interest rate of 4.95%

The platform offers users access to financial services that may otherwise not be available to them through conventional financial institutions. Token holders can earn interest through the transfer of their coins to Celsius wallets. They can then get a loan against their CEL at an interest rate of around 4.95% APR or earn up to 10% on stablecoins and other crypto coins kept on deposit.

The company has strict guidelines, and since its launch, users need to provide KYC approvals before it can avail any services to the user. Celsius Network indicated that its strict guidelines are in line with the best compliance practices in the industry, which protects its community and offers the best services available.

The legal review conducted by three law firms

The legal review that Celsius sought was carried out by three different outside law companies. The firms probed the existing, pending and new regulations to ensure that the Celsius Network is compliant under all circumstances. Following the review, the company has updated its terms of use and provided a narrow description of how its services are provided and the jurisdictions where they are available.