Celsius’ Custody Account Holders Overjoyed as Withdrawals Resume

banner-image

🚀 Stay Ahead with AltcoinDaily.co! 🌐

The year seems to be off to a nice start for some customers of the bankrupt lender Celsius Network, as they can now withdraw their digital assets. This is coming 263 days after Celsius halted its customers’ withdrawals, in the run-up to its bankruptcy filing.

On Thursday, Celsius announced via its official Twitter account that withdrawals will be reopened for certain custody account holders. Subsequently, some account holders confirmed that they are now able to withdraw their funds.

The customers said they received an email from Celsius informing them that they could withdraw their funds. This comes after an earlier email with their names on a PDF attached file was sent several weeks ago.

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Customers’ turnaround times for finalizing withdrawals have been reported to vary. While some said they received their funds within minutes of request, others have said they are experiencing a 24-hour wait.

Meanwhile, Celsius’ customers have been on edge after the crypto lender filed documents containing their information as part of its bankruptcy proceedings. At the time, some had concerns that they may be vulnerable to cybercrime, hacking, and other types of online risks.

Only Custody Customers Eligible for Withdrawals

According to a release from Celsius, only customers whose digital assets are held in custody accounts are eligible to withdraw their funds. These account holders are in two categories; Pure Custody Account Assets and Transferred Custody Assets.

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

The first category is for customers that were never in the Earn Program and were transferred directly into the Custody Program. On the other hand, customers that were moved from the Earn Program to the Custody Program before Celsius filed for bankruptcy protection belong in the second category.

Interestingly, eligible users are allowed to process multiple withdrawals, up to their permitted withdrawal amount as long as their qualifying balance is adequate to cover the cost of the transaction.

Additionally, only customers in the United States can participate in the recent withdrawal. This is because custody accounts were only available to users in the US. Therefore, custody account holders outside their location will have to wait until they get back before they can attempt withdrawals.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐

July 25, 2024

Sygnum Bank offers a variety of its own crypto-related exchange-traded products..

July 25, 2024

Bitfarms' lead director Brian Howlett announced that Bitfarms has adopted a..

July 25, 2024

HSBC clarified that it would continue to accept payments from crypto..

ads-image ads-image