New York Attorney General, Letitia James, has secured a permanent ban on former Celsius Network chief executive, Alex Mashinsky, from the cryptocurrency, securities, and commodities industries under a settlement that could require him to pay up to $35 million.

The agreement, announced on October 9 2026, resolves a 2023 civil lawsuit accusing Mashinsky of misleading hundreds of thousands of investors about Celsius’ financial condition, investment risks, and the safety of customer deposits. The lawsuit alleged that he promoted the platform as a secure alternative to traditional banks while concealing losses from risky investments.

‘Banks are not your friends,’ said @CelsiusNetwork CEO before the…