The post Celsius Offers Withdrawals for Select Custody Account Holders! appeared first on Coinpedia Fintech News
Celsius has commenced withdrawals for certain clients in its custody program. Eligible participants can withdraw 72.5% of their digital assets, less transaction fees, by the deadline of February 28, 2024. This move marks a significant development for Celsius and its customers amidst financial instability and legal issues. The company filed for bankruptcy in July 2022 and has been navigating various legal obstacles since then. In September, creditors approved Celsius’ reorganization plan, which will distribute around $2 billion in Bitcoin and Ether. Celsius is also dealing with bankruptcy proceedings and legal challenges from regulatory entities such as the SEC, FTC, and CFTC. Despite reaching a $4.7 billion settlement with the FTC, Celsius’ founder and CEO Alex Mashinsky will still face a criminal trial.
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