Several Celsius clients have reported that they have been able to withdraw their funds from the defunct cryptocurrency company for the first time. This comes approximately 263 days after the lender banned disbursements in the lead-up to the company’s filing for bankruptcy.
Delight With Complaints
Many tweets on social media indicate that as of March 2, users who had funds stored in Celsius’ custody accounts were delighted that they could withdraw their funds after a prolonged period of waiting.
Users reportedly received an email with a list of persons qualified to access their funds a few weeks ago. They then received another email on March 2 stating that withdrawals would likely start once Celsius updated its list of eligible persons.
The clients receiving the email were provided with specific criteria for recovering their funds. The email indicated that clients who had finished providing their KYC information were eligible to process their withdrawals.
Additionally, the email noted that individuals who have not finished updating their KYC information could not send a request since they are ineligible to do so. To complete withdrawals, eligible users had to confirm the authenticity of their profile data, including their addresses.
Users Report Backlogs Of Requests
Those that safely listed their wallets before initiating their withdrawal request reportedly received their funds within minutes, while others reported experiencing significant delays.
It has been observed for some time that a buildup of withdrawal requests still needs to be finished. However, some users are raising alarms that withdrawal requests are being converted to support tickets.
Thus, processing withdrawals could take a more extended period, possibly a few days longer. This setback is the result of the availability of fewer staff members to handle the increasing number of withdrawal requests on the platform.
Meanwhile, users with custody accounts can still get back an additional 6% of their funds following future court approvals. Also, users moving funds from the platform’s Earn or Borrow programs to a custody account can withdraw nearly 73% of their money or a maximum of $7,575.
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