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behind the numbers

How the Celsius scandal is reshaping Crypto regulation

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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?

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Host

  • Philippa Lamb

Clips featuring

  • 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

All views expressed on this podcast are those of the contributors and don’t necessarily reflect those of ICAEW or its members.

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