U.S. state Vermont regulator says Celsius lacks assets to repay customers, creditors

(Reuters) – Vermont’s Department Of Financial Regulation on Tuesday said troubled crypto lender Celsius is “deeply insolvent” and lacks the assets and liquidity to honor its obligations to customers and other creditors.

Celsius last month froze withdrawals and transfers, citing “extreme” market conditions, leaving its 1.7 million customers unable to redeem their assets.

(Reporting by Shivani Tanna in Bengaluru; Editing by Tom Hogue)