Bankrupt crypto lender Celsius will notify eligible users on how to start withdrawing assets in certain custody accounts, the company announced on Feb. 15.
Celsius gives the list of entitled users to its Delivery schedule According to, we will send you an email and an in-app notification of the next steps. announcement. However, Celsius has yet to set a date to resume withdrawals. Withdrawals will only resume for US-based customers, but international users will have to wait for further court orders.
according to the court order, lenders return two categories of assets. “Pure” Custody Account Assets, i.e. cryptocurrencies that were not part of the Earn or Borrow Program, and “Transferred” Custody Assets – assets transferred from the Earn or Borrow Program. 90 days before Celsius filed for bankruptcy in July.
There is no limit to the amount of pure custody assets that users can withdraw. However, only users with less than $7,575 in transferred custody assets can withdraw, and users over the limit remain ineligible for withdrawal.
Currently, courts allow Celsius to withdraw only 94% of its assets to eligible users. The court will later decide if, when and how the remaining 6% of her can be withdrawn. Nor has the court decided when Earn users can get their money back.
Current and former employees of Celsius and its affiliates are ineligible for withdrawals by court order. Also, users who have a valid loan as of December 20, 2022 and eligible users whose assets are less than the withdrawal transaction fee will not be able to withdraw assets. Users with a total balance of transferred assets under custody greater than his $7,575 should also wait.
Celsius users must update their accounts to withdraw
To reduce the risk of fraud and account takeover, eligible Celsius users are required to provide up-to-date Know Your Customer (KYC) information. Additionally, the user must also add a withdrawal address which will only be available after 24 hours.
Celsius also requires users to provide additional information regarding each withdrawal address in accordance with travel rules. Travel Rules require that we collect and share recipient and caller information with other financial institutions.
Therefore, the user must provide the identity of the whitelisted wallet address, verify whether the withdrawal wallet is yours or someone else’s, and provide information about the beneficiary’s crypto service provider. .
Celsius states that due to the high volume of traffic expected when withdrawals resume, withdrawal requests may take up to 24 hours or more to process.
