Today in Crypto: Vermont Regulator Alleges Celsius Hid Money Trouble; Luxury Resort Palazzo Versace Dubai Accepts Crypto via Binance

The Board of Blockchain Australia has announced Laura Mercurio as its new CEO, a press release said.

The change will take place as of Sept. 12 this year. Blockchain Australia is the Australian body, representing Australian business and business professionals working in the digital economy with blockchain.

Blockchain Australia says it’s heading into “a period of significant regulatory and policy consultation that will shape the regulatory future of digital assets in Australia,” which Mercurio will help guide them through.

“With the rapid adoption of Blockchain and crypto assets there are opportunities ahead for this technology to fundamentally transform how industries solve day to day issues,” Mercurio said. “I am looking forward to advancing the innovation ecosystem and working closely with members, industry, governments and regulatory bodies to provide digital solutions.”

Her prior experience includes working with numerous global investment banks like BlackRock, Merrill Lynch and Deutsche Bank, along with FinTechs and regulatory bodies.

In other news, bankrupt crypto lender Celsius Network might have hidden its financial troubles from investors, engaging in “improper manipulation” of the price of the platform’s tokens to boost its own balance sheet, a court filing said.

The Vermont Department of Financial Regulation made the filing in support of a motion by the U.S. Trustee to appoint an independent examiner. Bloomberg wrote that the trustee handling the bankruptcy case has said it’s looking to get an examiner to help clear up “confusion and anxiety” with additional information.

The new filing shows that Celsius posted “massive losses” in the first seven months of 2021, which includes “two material adverse events” in June and July that year. The company reportedly kept those losses from investors in spite of federal laws to disclose the financial statements.

The company allegedly may have also manipulated the price of the CEL token, which could have “artificially inflated” the CEL holdings on its balance sheet. The filing says the company didn’t earn enough revenue to support the yields being paid to investors.

Celsius didn’t reply to a request for comment from PYMNTS.

Meanwhile, Palazzo Versace Dubai, a hotel and resort completed in Culture Village by Dubai Creek in Dubai, United Arab Emirates (UAE), is now accepting cryptocurrency payments for dining, stays and spa experiences, according to a Wednesday (Sept. 7) press release.

Guests now have the option of paying in crypto for room stays, restaurants, meetings, and events. Palazzo Versace Dubai will also accept cryptocurrency payments on its eCommerce platforms, including gift vouchers and flower shops.

The luxury property is teaming with the world’s biggest cryptocurrency exchange Binance to offer people the option of payment with cryptocurrencies like BNB, bitcoin, and ethereum.

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