In mid-2021, the company’s Celsius Network Limited arm purported to migrate the customer-facing business on the Celsius platform from CNL to Limited Liability Company (LLC), a newly-created shell firm incorporated in Delaware. CNL was accused of transferring billions of dollars worth of liabilities to LLC, while the former retained nearly all of the assets associated with those obligations. The assets were claimed to have been used to deploy in “money-making investments,” despite warnings from UK regulatory authority Financial Conduct Authority (FCA) to cease all retail operations in the country.