Celsius Will Permit Withdrawals for Minority Customers

• Cryptocurrency owners who use Celsius’s Custody and Withhold Accounts are still permitted to do so.
•  Celsius cannot refuse to transfer amounts below $7,575.

The United States Bankruptcy Court received a motion from cryptocurrency lender Celsius Network requesting permission for customers with digital assets housed in specific accounts to retrieve their funds.

There is a catch, the motion will only apply to Custodial and Withhold Accounts and for Custodial Assets valued at $7,575 or less. Users of Celsius’s Custody and Withhold Accounts can still legally own cryptocurrency because of the way those accounts were created. 

Ownership Not Expanded to Earn and Borrow Accounts

However, this ownership is not extended to assets maintained in accounts that provide borrowing or annual crypto profits. While creditors are pleased that Celsius Network has acknowledged that money kept in its Custody Program and Withhold Accounts likely do represent the property of their estates, the community’s reaction to the move has been divided.