Celsius, a crypto lending platform, recently announced a liquidation plan as part of its ongoing bankruptcy proceedings. This plan permits customers to withdraw their assets, adhering to strict Anti-Money Laundering (AML) regulations. The United States Bankruptcy Court for the Southern District of New York outlined the process for customers to retrieve their cryptocurrency assets. Customers are required to update their Celsius accounts with specific information for withdrawal processing, including compliance with AML rules.
Withdrawal fees will be deducted from customers' accounts on a per-withdrawal basis, with the transaction expenses for sending crypto assets being borne by the customers. Failure to comply with the AML regulations will result in customers being unable to access their assets.
In recent developments, Celsius liquidated over $24 million in altcoins, including Chainlink (LINK), Synthetix Network (SNX), BNB coin, 1inch, and 0x Protocol (ZRX), with LINK being the largest liquidated altcoin, amounting to approximately $8.5 million. Additionally, Celsius is facing challenges in transitioning to a Bitcoin mining business, with reports suggesting a narrowed focus on Bitcoin mining post-bankruptcy. However, the Securities and Exchange Commission (SEC) is impeding certain staking and lending activities, presenting further operational challenges for the company.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.