The United States Bankruptcy Court for the Southern District of New York has specified the process through which customers of the defunct crypto lending platform Celsius can retrieve their cryptocurrency assets.

“Holders will be asked to update heir Celsius account with certain required information to process withdrawals, including specific customer data related to Anti-Money Laundering (AML),” the filing declared.

Process Outlined for Celsius Customers

As per the court filing, customers will incur the cost of deducting the transaction expenses associated with sending crypto assets to them.

Meanwhile, it was noted that the withdrawal fees will be charged on a “per withdrawal” basis based on the Withdrawal fees set out by the debtors.

Additionally, it emphasized the importance of customers updating their accounts with the necessary information. Failure to comply with the AML regulations will render account holders unable to access their assets.

Read more: DeFi Lending Explained: What Are DeFi Loans?

Celsius Liquidation Plan In Recent Times

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Author: Ciaran Lyons

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