Cryptocurrency lending firm Celsius has announced the reopening of Distributable Assets in certain Custody Accounts, marking a significant development for the company. The move comes after the United States Bankruptcy Court for the Southern District of New York authorized Celsius to reopen withdrawals for certain customers with assets held in Custody Accounts.
The announcement has been met with excitement from some customers, who have taken to social media to reveal that they are now able to withdraw funds for the first time since the lender halted its services last June. This news is a welcome relief for those who have been waiting patiently for their funds to become available once again.
Celsius has been working hard to resolve its financial issues and get back on track. The company filed for bankruptcy last year after experiencing financial difficulties, but has since been working to restructure its operations and regain the trust of its customers.
The reopening of Distributable Assets in certain Custody Accounts is a significant step forward for Celsius, and the company is hopeful that it will be able to continue to make progress in the coming months. With the cryptocurrency market continuing to grow and evolve, there is a lot of potential for companies like Celsius to thrive and succeed in the years ahead.
Overall, this news is a positive development for Celsius and its customers, and it is a sign that the company is moving in the right direction. As the cryptocurrency market continues to evolve, it will be interesting to see how Celsius and other companies in the space adapt and grow to meet the changing needs of their customers.In a recent court filing, it was announced that customers who meet certain eligibility requirements will be able to withdraw their funds from a particular financial institution. The criteria for withdrawal have been laid down in the filing, and only those who meet the requirements will be eligible for the process.
One of the eligibility requirements is that customers must have a “Pure” Custody account with the financial institution. This means that the account must be solely for the purpose of holding and safeguarding assets, and cannot be used for any other purpose.
In addition to this, customers must also have a minimum balance of $10,000 in their account. This is to ensure that only those with significant assets are able to withdraw their funds, and to prevent any potential fraud or abuse of the withdrawal process.
Customers who meet these eligibility requirements will be able to initiate the withdrawal process by contacting the financial institution and providing the necessary documentation. The process is expected to take several weeks to complete, as the institution will need to verify the customer’s identity and ensure that all necessary legal requirements are met.
The court filing comes after a series of controversies surrounding the financial institution, including allegations of fraud and mismanagement. The institution has been working to address these issues and restore customer confidence, and the new withdrawal criteria are part of these efforts.
Overall, the new criteria for withdrawal are designed to ensure that only eligible customers are able to withdraw their funds, and to prevent any potential fraud or abuse of the process. Customers who meet the requirements should contact the financial institution to initiate the withdrawal process and receive their funds.
