Joseph Rotunda, enforcement director at the Texas State Securities Board, confirmed that State securities regulators are investigating crypto lender Celsius Network’s decision to freeze accounts.

Defending the decision to suspend withdrawals, swaps and transfers between accounts, Celsius explained that the company’s actions were due to extreme market conditions.

Alabama Securities Commission Director Joseph Borg said securities regulators in Alabama, Texas, New Jersey and Kentucky are probing the matter, noting that the investigation is still in its early stages, but that Celsius has been responsive to questions from regulators.

Borg said the U.S. Securities and Exchange Commission was also in contact with the company.

Rotunda said his team learned of the company’s decision via its blog post and announcement on Twitter on Sunday night. Officials met and began investigating the matter on Monday morning, describing the probe as a matter of “priority.”