Behind the Numbers: How the Celsius scandal is reshaping Crypto regulation

Celsius network claimed to be a safe place to trade digital currencies and assets. In reality, it was using customers’ money for its own ends. In the first Behind the Numbers of the New Year, we explore the collapse of digital currency platform Celsius network, the scandal that followed, and its lasting impact on crypto asset regulation, particularly custody.  

Since that scandal, international regulators including the Financial Conduct Authority have been looking at custody rules and wider regulation around digital assets. But are they on the right track?

Transcript

Read the full transcript of this episode here - https://www.icaew.com/insights/podcast/behind-the-numbers/how-the-celsius-scandal-is-reshaping-crypto-regulation/transcript

Links

Founder of Celsius sentenced to 12 years for fraud - https://www.justice.gov/usao-sdny/pr/founder-celsius-sentenced-12-years-fraud-and-market-manipulation

Celsius investigation: all the red flags - https://fortune.com/2023/02/07/celsius-network-investigation-red-flags/

FCA Crypto Roadmap - https://www.fca.org.uk/publication/documents/crypto-roadmap.pdf

FCA: Stablecoin issuance and Cryptoasset Custody proposals - https://www.fca.org.uk/publications/consultation-papers/cp25-14-stablecoin-issuance-cryptoasset-custody

ICAEW: The Future of crypto regulation: key considerations - https://www.icaew.com/insights/viewpoints-on-the-news/2025/nov-2025/the-future-of-crypto-regulation-key-considerations

Host

Philippa Lamb

Guests

• Polly Tsang, Senior Financial Services Regulatory Manager, ICAEW
• Jessica Caws, Co-Head of Financial Services at Birketts LLP
• Shermeen Kazmi, Partner, Grant Thornton

Producer

Natalie Chisholm

Episode first published: 12 January 2026

Podcast recorded: 16 December 2025