Alexander Mashinsky, the founder of the now-collapsed crypto lender Celsius, has been formally barred from registering with the U.S. Commodity Futures Trading Commission (CFTC) following his earlier conviction and prison sentence for fraud.

The former Celsius chief executive, whose company imploded in a widely publicized failure, is now permanently prohibited from conducting any business with the CFTC or participating in commodities markets under its oversight.

The derivatives regulator did not add new financial penalties. Mashinsky had already admitted to misleading investors about Celsius’s financial condition as the platform deteriorated. The latest action adds a permanent trading and registration ban to his existing punishment, which includes a 12-year prison sentence, a $50,000 fine, and an order to forfeit $48 million.

According to court filings, the CFTC order permanently restrains and bars him from any commodities-related activities and was officially entered into the U.S. District Court for the Southern District of New York, where it received judicial approval.

The CFTC said Mashinsky and Celsius “engaged in a scheme to defraud hundreds of thousands of customers” by falsely portraying the safety, profitability, and regulatory compliance of their lending platform. During the 2022 crypto market collapse, Celsius continued assuring users their assets were safe and earning rewards even as it suffered severe losses.

Celsius was among several major crypto firms that failed in quick succession during that period, deepening the broader industry crisis.