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News

Celsius Eligible Custody Users Now Available To Additional Withdrawals Starting Today

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Key Points:
  • The crypto lending company emerging from bankruptcy allows additional withdrawals for Celsius eligible custody users, limited to specific managed assets.
  • The company refocuses its post-bankruptcy plans exclusively on Bitcoin mining.
  • Former Celsius customers will receive a mix of cryptocurrency assets and stock in the new venture pending SEC approval for public listing.
In a significant development post-bankruptcy, Celsius Network, the cryptocurrency lending company, has announced that Celsius eligible custody users can now make additional withdrawals, effective immediately. Celsius Eligible Custody Users Now Available To Additional Withdrawals Starting Today
 

The Bankruptcy Company Resumes Withdrawals for Celsius Eligible Custody Users

However, Celsius eligible custody users need to be aware that only certain managed assets are currently available for withdrawal; all other cryptocurrencies remain inaccessible. Celsius urges users to promptly withdraw these assets from the application and secure personal records, as the application’s availability is limited.
 
The company has revised its post-bankruptcy business plans, narrowing its focus exclusively to Bitcoin mining. This shift comes in response to skepticism from U.S. regulators regarding Celsius Network’s previously planned business lines. The Chapter 11 plan was approved by a U.S. bankruptcy court in Manhattan on November 9, enabling Celsius to return cryptocurrencies to customers and establish a new entity owned by Celsius creditors.
 
Former Celsius customers are set to receive a combination of cryptocurrency assets and stock in the new venture, slated for public listing pending approval from the U.S. Securities and Exchange Commission (SEC). The SEC retains the right to challenge crypto asset transactions it deems to involve securities, although it did not definitively address the new company’s compliance during Celsius’ bankruptcy case.
 
Celsius, mindful of regulatory considerations, now plans to retain certain assets initially destined for the new company, opting to liquidate them as part of the bankruptcy wind-down.
 
 

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

 
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Avatar of Harold

Harold

29 November 2023, 16:20:26 GMT +0000

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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