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