Celsius founder faces lifetime ban, but can trade his own crypto

Bankrupt crypto lender Celsius founder Alex Mashinsky has agreed to a permanent ban from the securities, commodities, and crypto business under a New York settlement announced on Oct. 9. The agreement also sets conditional state payment obligations of up to $35 million, without creating a new payout to Celsius creditors.The deal resolves New York’s civil suit, filed in January 2023, and adds state obligations to a separate federal criminal case. Mashinsky is serving a 12-year prison sentence.What the $35 million figure meansThe first obligation is $25 million in damages to New York. Under paragraph 2 of the annexed consent order, that obligation is deemed satisfied by a qualifying $10 million payment to the US Department of Justice under paragraph 11 of his federal forfeiture order.DOJ payments made after May 20, 2025, may count dollar for dollar toward that $10 million. If the specified payment is not made, New York's Attorney General is due the entire $ 25 million.The second obligation is a separate $10 million monetary judgment payable to New York. Paragraph 3 says it is deemed satisfied by completion of Mashinsky’s imprisonment under the federal judgment entered May 12, 2025, s...