Celsius Distributes List Of Users Eligible To Withdraw Majority Of Assets

Eligible Creditors will not have the option to withdraw their funds from Celsius except if they update their accounts with AML and KYC data.

When Celsius Stopped making withdrawals in June 2022, it came up with a withdrawal process for users who were in its custody.

An official update on upcoming withdrawals was released by Celsius.Providing the list of users that will be eligible to withdraw approximately 94% of eligible custody assets.

The firm laid out the process in a 1,411-page court filing with the United States Bankruptcy Court for the Southern District of New York, listing the full names of the relative multitude of eligible users close by the kind and amount of Debted Crypto assets.

Celsius focused on that eligible users will be asked to update their Celsius account with certain required information preceding any withdrawals being processed.

The requested information includes customer data related to Anti-Money Laundering and Know Your Customer policies as well as the destination address of the Withdrawal.

“Except if and until an eligible user updates their account with the required account updates, such eligible user will not be able to withdraw their distributable custody assets from the debtors’ platform.”

The filing also notes that it’s not yet known whether eligible users will have the option to withdraw the remaining 6% of the assets as the court will pursue a choice regarding this question at a later date.Specific details about Gas and Transaction fees will be given to eligible users.

“Eligible users who don’t have adequate assets in that frame of mind to satisfy these fees will not be allowed to withdraw their assets,” Celsius wrote.
The news comes in the midst of Celsius’ court-appointed examiner submitting a court filing on certain aspects of operations at the lender, including details about its complex dealings with the collapsed FTX exchange. The examiner report also revealed that Celsius used the accounting software Quickbooks to monitor its finances, very much like FTX and Alameda Research did.

Court-appointed examiner Shoba Pillay also wrote that Celsius and its founder Alex Mashinsky didn’t follow through on its promises surrounding its native Celsius (CEL) Token and other business activities.