Crypto Lending Company Celsius Network Allows Additional Withdrawals and Shifts Focus to Bitcoin Mining

According to Coincu, Celsius Network, a cryptocurrency lending company emerging from bankruptcy, has announced that eligible custody users can now make additional withdrawals, limited to specific managed assets. Users are urged to withdraw these assets promptly and secure personal records, as the application's availability is limited. The company has revised its post-bankruptcy business plans, focusing exclusively on Bitcoin mining in response to skepticism from U.S. regulators regarding its previously planned business lines. The Chapter 11 plan was approved by a U.S. bankruptcy court in Manhattan on November 9, enabling Celsius to return cryptocurrencies to customers and establish a new entity owned by Celsius creditors. Former Celsius customers are set to receive a mix of cryptocurrency assets and stock in the new venture, pending approval from the U.S. Securities and Exchange Commission (SEC). The SEC retains the right to challenge crypto asset transactions it deems to involve securities, although it did not definitively address the new company's compliance during Celsius' bankruptcy case. Celsius now plans to retain certain assets initially destined for the new company, opting to liquidate them as part of the bankruptcy wind-down.