Crypto lending world sways under risk and turmoil ...Middle East

NEW YORK: Starting with the lofty goal of competing with traditional banks, cryptocurrency lending giants and their clients now face financial ruin due to their appetite for risk and a paucity of regulatory guardrails.Celsius Network, which suspended withdrawals in mid-June, had advertised a seemingly difficult-to-reconcile mix of interest rates, charging just 0.1 percent for loans, but paying more than 18 percent on deposits.Weeks later, savings accounts, that amounted to $11.8 billion in mid-May, remained frozen.“Celsius is going bankrupt one way or another,“ said Omid Malekan, a professor at Columbia University. “Even if they recoup 98 cents on the dollar for their depositors, no one woul

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Crypto lending world sways under risk and turmoil ...Middle East

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