The Celsius company is authorized to exchange its altcoins in Bitcoin (BTC) and Ether (ETH)

La société Celsius est autorisée à échanger ses altcoins en Bitcoin (BTC) et en Ether (ETH)

Bankrupt company Celsius can now convert its altcoins under management to Bitcoin (BTC) and Ether (ETH) thanks to a ruling from its bankruptcy court in New York. This operation could be a consequence of the offensive policy of the Securities and Exchange Commission (SEC) vis-à-vis certain cryptocurrencies which it considers to be financial securities.

Celsius follows the CSS talk

Last month, an American institution marked the international cryptocurrency industry: the Securities and Exchange Commission (SEC). The financial market regulator in the United States said that many altcoins, such as BNB, ADA, SOL and MATIC, considered as “securities”or securities.

In this context, the bankruptcy court for the Southern District of New York has just authorized the owners of Celsius convert altcoins from their platform to Bitcoin (BTC) and ether (ETH).

Debtors may, in consultation with the Committee’s advisors, sell or convert any non-BTC and non-ETH cryptocurrencies, tokens or other digital assets associated with custodial or custodial accounts (collectively “Altcoins”) into BTC or ETH since July. 1, 2023. »

As a reminder, in May 2023, the Fahrenheit consortium won the auction for the Celsius takeover. Therefore, the future holders of the platform, which previously specialized in cryptocurrency loans, plan to revise the initial bankruptcy plan of the platform, starting with this operation focusing directly on altcoins.

Celsius is not the only platform to withdraw from altcoins due to SEC attacks. Recently, the Révolut neobank is also stop offering certain cryptocurrencies after the actions of the American police.

👉 Also in the news – Revolut delists Polygon (MATIC), Cardano (ADA) and Solana (SOL) due to US regulations

The best way to secure your cryptocurrencies?

? Buy, trade, grow and manage more than 5,500 cryptos

Return of Celsius bankruptcy

In 2022, investors experienced one of the biggest domino effects that could have happened in Web3. The company that brought down many of the companies behind it is Terraform Labs, whose two cryptocurrencies before it dropped in value by $40 billion.

The collapse of the Terra ecosystem (LUNA) led to the decline of cryptocurrency lender Celsius. In July 2022, after weeks of tension caused by multiple rumours, the US-based company eventually folded and filed for bankruptcy.

In addition to the general dissatisfaction with the platform’s suspension of withdrawals, Celsius’ situation in the cryptocurrency industry has worsened with several revelations. In addition, the company’s founder, Alex Mashinsky, $10 million was reportedly withdrawn from Celsius two months before filing for bankruptcy.

However, the worst was yet to come. Almost 4 days after this announcement, a 14,500-page document began circulating on the web. The latter collected the personal data of thousands of users, with their names, transactions and balances in cryptocurrencies.

Today, Celsius is trying to rise from its ashes with the possible takeover by Fahrenheit. If this operation is validated by American regulators, the platform will benefit from 400 to 500 million dollars in the form of cryptocurrencies, as well as new mining installations.

👉 Understanding crypto taxation for mining, masternodes and staking in 2023

Order our Book to understand everything about cryptos

Published by Editions Larousse

toaster icon

Source: New York Bankruptcy Court

What you need to know about affiliate links. This page may contain investment related assets, products or services. Some links in this article may be affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no influence on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be responsible, directly or indirectly, for any damage or loss incurred after the use of a product or service highlighted in this article on him. Investments involving crypto-assets are inherently risky, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article is not investment advice.

AMF recommendations. There is no guaranteed high return, high risk is associated with a product with high return potential. This risk must be in line with your project, your investment horizon and your ability to lose some of these savings. Do not invest unless you are prepared to lose all or part of your capital.

To go further, read our Financial Status, Media Transparency and Legal Notices pages.

Miner preparing for Bitcoin Halving as other cryptocurrencies rise

Bitcoin Costs $30,000 as Wall Street Memes Explode PreSale –

Only 28 days until Litecoin Halving: Investors can expect that

Only 28 days until Litecoin Halving: Investors can expect that