Celsius Names Users Eligible To Withdraw Assets

Celsius, the bankrupt cryptocurrency lender, has published the names of users who are permitted to withdraw the majority of their assets held on the platform.

The company has court permission to distribute 94% of each user's assets, according to a 1,400-page document filed with a New York bankruptcy court on 31st Jan. While eligibility is conditional on certain criteria - for example, transfers must have been made for less than $7,575 - withdrawals will be processed only if users have enough assets on the platform to cover any withdrawal fees, and only if they update "specific customer information related to Anti-Money Laundering (AML) and Know Your Customer (KYC) information."

"Whether and when Eligible Users are entitled to a distribution of the remaining 6% will be determined at a later date by the Court," the filing said.

The customers eligible for withdrawals are due to receive an email around Feb. 15 with further steps on how to process transfers, the filing said.

While Celsius, which filed for chapter 11 bankruptcy protection in July 2022, has secured court approval to process certain customer withdrawals, the controversy around its actions leading up to the bankruptcy filing continues.

(With inputs from Shikha Singh)

1 months ago