Celsius, a global crypto lending startup, is reinstating its native token to its U.S. members after a month and a half-long suspension.
The company's newly appointed Chief Compliance Officer, Jeremie Beaudry, took the original decision to suspend the token, dubbed CEL, over concerns it qualified as a security. But Beaudry told The Block he has been reassured by outside legal experts that he could give the green light to reintroduce the nascent token in the U.S.
"I may have approached the issue with a machete rather than a scalpel," he said in an interview, joking that he had taken a highly conservative approach upon starting the job.
"We are now looking forward to seeing the token's adoption grow in the U.S." Indeed, North America members made up about 40% of CEL's userbase before the ban, with the token being widely used to pay customers up to 6.7% interest on their stored crypto assets.
Celsius launched in 2018 and claims to have more than 10,000 accounts.