The Process for Celsius Customers to Retrieve Cryptocurrency Assets
The United States Bankruptcy Court for the Southern District of New York has outlined the process for customers of the defunct crypto lending platform Celsius to retrieve their cryptocurrency assets. To process withdrawals, customers will need to update their Celsius account with specific customer data related to Anti-Money Laundering (AML) regulations.
Withdrawal Fees and Account Updates
Customers will be responsible for the transaction expenses associated with sending crypto assets to them. Withdrawal fees will be charged on a “per withdrawal” basis according to the fees set by the debtors. It is crucial for customers to update their accounts with the required information, as failure to comply with AML regulations will result in restricted access to their assets.
Celsius Liquidation Plan and Bitcoin Mining Challenges
In recent developments, Celsius has initiated the liquidation of over $24 million worth of altcoins, including Chainlink (LINK), Synthetix Network (SNX), BNB coin, 1inch, and 0x Protocol (ZRX). LINK was the largest liquidated altcoin, with approximately $8.5 million.
Celsius is also facing challenges in its transition to a Bitcoin mining business. It has scaled back its post-bankruptcy plans due to hindrances from the SEC regarding staking and lending activities. These challenges are affecting Celsius’ ability to conduct its business operations smoothly.
Hot Take: Celsius Customers Can Now Retrieve Their Crypto Assets Following Bankruptcy
The United States Bankruptcy Court for the Southern District of New York has provided a clear process for Celsius customers to retrieve their cryptocurrency assets. By updating their accounts with necessary information, customers can ensure access to their assets while complying with Anti-Money Laundering (AML) regulations. However, Celsius has faced challenges in its liquidation plan and transition to a Bitcoin mining business, with the SEC hindering certain activities. Despite these obstacles, Celsius customers can now take steps to retrieve their crypto assets.
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