The United States Bankruptcy Court for the Southern District of New York has specified the process through which customers of the defunct crypto lending platform Celsius can retrieve their cryptocurrency assets.

“Holders will be asked to update heir Celsius account with certain required information to process withdrawals, including specific customer data related to Anti-Money Laundering (AML),” the filing declared.

Process Outlined for Celsius Customers

As per the court filing, customers will incur the cost of deducting the transaction expenses associated with sending crypto assets to them. Meanwhile, it was noted that the withdrawal fees will be charged on a “per withdrawal” basis based on the Withdrawal fees set out by the debtors. Sponsored Sponsored Initial Withdrawal Fees Associated With Each Crypto. Source: Stretto Additionally, it emphasized the importance of customers updating their accounts with the necessary information. Failure to comply with the AML regulations will render account holders unable to access their assets. Read more: DeFi Lending Explained: What Are DeFi Loans?

Celsius Liquidation Plan In Recent Times

Sponsored Sponsored However, there have been several developments in the Celsius bankruptcy proceedings in recent times. On July 17, Celsius started liquidating over $24 million of altcoins. These include Chainlink (LINK), Synthetix Network (SNX), BNB coin, 1inch, and 0x Protocol (ZRX), among others. Furthermore, the largest liquidated among the group of altcoins was LINK with approximately $8.5 million. In more recent news, Celsius is reportedly facing struggles in its attempt to turn into a Bitcoin mining business. It recently stated that it reduced its post-bankruptcy business plans to focus only on Bitcoin mining. However, the SEC is hindering specific staking and lending activities, creating challenges for conducting business operations. Read more: Top 5 DeFi Lending Platforms Sponsored Sponsored

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

The post Withdrawal Process Opens for Select Celsius Customers appeared first on Crypto News Australia.

---

Filed under: Bitcoin - @ December 1, 2023 1:52 am