Following court approval, eligible Celsius clients can withdraw all their funds

Celsius Network, a popular cryptocurrency lending and borrowing platform, has announced that eligible users will now be able to withdraw all of their “Distributable Custody Assets” following court approval. This move comes after a long legal battle that lasted for several months.

Until January of this year, eligible Celsius Network users had been limited to withdrawing up to 94% of their funds, with the remaining 6% being held in custody. This had caused frustration among some users who felt that they were not able to access their full funds.

However, in a May 4 announcement, the company stated that eligible users would now be able to withdraw the remaining 6% of their distributable custody assets from the platform, following court approval. This is great news for Celsius users who have been waiting for this decision.

Celsius customers who have been waiting to access their funds since the company froze withdrawals in June 2022, just before filing for bankruptcy in July. Many of these customers had been left in a state of limbo, unable to access their assets or get any clear information about when they might be able to do so.

Despite this, Celsius still faces legal troubles. The company’s founder and former CEO, Alex Mashinsky, is currently facing a lawsuit filed by the New York Attorney General’s office in January. The lawsuit alleges that Celsius had violated securities laws by failing to register with the office and misleading investors about the risks associated with its services.

Mashinsky has filed a motion to dismiss the case, claiming that the Attorney General’s office has “parroted misinformation.” He argues that Celsius had always been transparent about its services and had taken steps to comply with applicable laws and regulations.

While it remains to be seen how this legal battle will play out, the recent court clearance allowing eligible Celsius users to withdraw all of their distributable custody assets is certainly a positive development. It provides some much-needed relief for customers who had been unable to access all of their funds until now.

In conclusion, the news of that eligible Celsius users can now withdraw all of their Distributable Custody Assets following court approval is a positive development for the cryptocurrency industry. It highlights the importance of responsible custodianship and regulatory oversight and provides Celsius customers with much-needed relief after months of uncertainty.