Celsius’ Bankruptcy, Experts Warning: Are Your Crypto Platforms Partners Or Profit Thieves?

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Crypto winter has come, along with bad news one after another.

Celsius reportedly filed for Chapter 11 bankruptcy on July 13. The security of platforms has become a concern for investors since Celcius stopped all exchanges, transfers, and withdrawals. Binance had also announced a temporary halt to BTC withdrawals before. The trust between platforms and investors is being threatened by the raging winds of the crypto market.

You may trust your platforms as business partners, but they could suddenly abscond with your money, or steal your profits without your knowledge. Experts warn you to check if a platform meets the following criteria before entrusting your money to avoid future betrayal and loss.

We always say that safety comes first, and this applies to trading platforms as well. 

We should choose a platform that provides secure and reliable cryptocurrency trading services, like multi-signature encryption, SSL, 2FA, anti-DDoS protection systems, etc. It sounds complicated, but make sure the platform you choose includes these advanced technologies to protect your assets.

Have you ever heard about MSB (Money Services Business)? It is a financial license supervised and issued by the U.S. FinCEN. To conduct digital currency-related businesses in compliance, an MSB license is essential. A good platform will embrace regulation and always adhere to global compliance operations.

Spreads are the gaps between the order prices and the final prices when the market fluctuates significantly. Some platforms with wide spreads can force you to trade at unplanned prices and result in unnecessary losses. A high-liquidity platform will