Centralized crypto lending platform Celsius has announced it has suspended interest accrual on the Earn product to new users from the US.
On April 15, the Custody solution, where deposits from new users will be sent, will start working. Interest on these funds will not accrue.
It is important to note that the changes will not affect US user assets deposited before April 15. Celsius has said:
“These coins will continue to earn rewards as long as they remain in Earn accounts.”
The conditions remain the same for residents of other countries.
Celsius competitors Nexo and BlockFi have made similar decisions before.