The Texas State Securities Board has opened an investigation into troubled crypto lender Celsius, according to reports on Thursday afternoon.
Reuters first reported that the regulator has begun investigating Celsius' move to freeze withdrawals and transfers on Monday.
A hearing has been scheduled on the matter for June 21, the regulator confirmed in an email to The Block.
Reuters' report states that Texas has labelled its investigation a "priority," and that the regulator is "very concerned" that the freeze may result in "significant financial consequences" for customers.
The firm, which sources told The Block earlier in the week only had a few more weeks' worth of financial resources to support customer withdrawals, had taken to Twitter to announce the suspension of withdrawals, transfers, and swaps.
The regulator had learned of the account freeze from the company's website and social media announcement, according to Reuters.
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