Backlog of withdrawal requests slows down Celsius custody program

Celsius prospects taking part within the firm’s custody program can now withdraw their funds. Nonetheless, some customers are experiencing delays in processing their requests as a consequence of a backlog of pending withdrawals. 

After a crypto lending firm Celsius froze withdrawals earlier than submitting for chapter, some prospects now report that they’ll lastly withdraw their funds 263 days later. As per a number of posts on social media, particular customers with funds in Celsius’ custody accounts are expressing their pleasure over lastly having the ability to withdraw their funds from the corporate.

Based on buyer reviews, they acquired an electronic mail from Celsius just a few weeks in the past that listed people eligible to withdraw their funds from the custody program. The corporate despatched one other electronic mail on March 2, which notified prospects that the withdrawal course of had commenced they usually might proceed with their requests.

Though some customers who had beforehand whitelisted their wallets might obtain their funds inside minutes of their withdrawal try, others have reported vital delays. A backlog of withdrawal requests has developed, with some customers suggesting that their calls for are being transformed into help tickets which will take a number of days to course of. The reason for these delays is a excessive quantity of withdrawal requests, which the corporate’s workers could need assistance to maintain up with on the time.

Withdrawals are restricted to US prospects

Celsius launched data on Jan. 31 relating to the eligibility standards for withdrawals. Based on the announcement, prospects who had solely held funds in custody accounts might withdraw 94% of their unique funds.

Nonetheless, it’s value noting that custody accounts have been solely accessible to residents of america. In consequence, the withdrawals are restricted to those prospects, which has left these with funds in different sorts of accounts provided by Celsius feeling upset.

There’s nonetheless a risk that custody account holders can get better the remaining 6% of their funds, pending future court docket hearings. Prospects who had transferred their funds from earn or borrow applications to custody accounts are reportedly eligible to withdraw as much as 72.5% of their funds, with a most withdrawal restrict of $7,575.

Celsius had initially declared a freeze on withdrawals on June 13, 2022, citing “excessive market circumstances,” earlier than submitting for chapter on July 13.

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