Withdrawals began for Celsius’s custody customers after the company paused the same for almost 9 months. The crypto lending firm had to stop withdrawals before it filed for bankruptcy under chapter 11 of the US laws. Users who can withdraw now are taking to Twitter to share how happy they are to get their money back. And many of these people can withdraw complete funds without any losses.
Celsius allows fund withdrawals.
Celsius customers who are eligible for the withdrawals received a mail a few weeks back stating they can withdraw funds. The mail stated it only applied to certain eligible assets. It also said that KYC is necessary to start the withdrawal process, and those who are not verified cannot raise a request. There will also be transaction fees on every withdrawal.
Reddit posts show that the withdrawals have been very smooth for some users, and they received their funds back within minutes. However, for many, there have been large delays, like 5 hours for Bitcoin withdrawals and an entire day for USDC wallet address whitelisting.
Many withdrawal requests have piled up, and to process the same, Celsius is converting the requests to support tickets. Since they do not have enough staff, processing the same might take some time. This doesn’t mean that the funds will not be withdrawable. As Celsius said on 31st January, all celsius custody customers are eligible to get at least 94% of their total funds back.
Accounts held by users in other offerings by Celsius are not eligible for withdrawals which has disappointed many users. At the same time, those who transferred their funds from earn or borrow programs to custody accounts will be able to withdraw almost 3/4th of their funds with a max cap of $7,575.
About Celsius network
Celsius Network is a cryptocurrency lending and borrowing platform that allows users to earn interest on their cryptocurrency deposits and borrow against their crypto holdings. The platform was founded in 2017 by Alex Mashinsky and is owned by Celsius Digital, the holding company that operates the platform.
What are your thoughts as withdrawals begin for Celsius’s custody customers? And do you think other users will also be able to withdraw funds soon? Let us know in the comments below. And if you found our content informative, share it with your family and friends.
Also Read: Binance US’s restructuring plan is favoured by 97% of Voyager customers.
