Celsius Custody Account Holders Can Receive 72.5% of their Crypto, Says Bankruptcy Judge

Celsius customers have been given a chance to retrieve some of the crypto they had stored with the company, and they only need to agree to certain conditions. According to a letter sent and approved by a bankruptcy judge, Celsius customers can potentially receive 72.5% of their crypto back if they sign the agreement. The letter states that customers who opt in must agree to “release, discharge and forever relinquish” Celsius of any and all claims that they may have had. Should they opt in to the deal, Celsius customers cannot “pursue any litigation, including seeking relief from the automatic stay, turnover, or other claims or causes of action.” This news comes as a relief for many customers who have been worried about the current situation around Celsius. It is getting more and more difficult to manage the ever-changing landscape of regulations, but this news may help reassure some customers who have been worrying about their coins. Hopefully, this news will help inspire other companies to take measures that allow customers to reclaim their investments under a regulated framework. Regulated entities are gaining bigger and bigger roles in the crypto space, and companies need to make sure that their customers have the best possible experience when it comes to their investments. The crypto regulation landscape is still highly dynamic and uncertain, but such news can go a long way towards restoring confidence in companies that are acting in a compliant fashion. As more and more customers are becoming aware of their rights when it comes to crypto assets, the need to ensure that they are getting a fair branch of the deal is increasingly important. It remains to be seen how other companies will respond under similar circumstances, but it is always encouraging to see companies do their best when it comes to customer protection. Categories: Regulation