Crypto lending platform Celsius has announced that certain users will now be able to withdraw 100% of their original funds after more than 300 days of withdrawal restrictions. The move comes after the platform froze withdrawals in December 2020, citing security concerns.

In a statement released on May 4, Celsius stated that eligible users would be able to withdraw the remaining 6% of distributable custody assets from the platform following court approval. Prior to January, these same users had been limited to withdrawing up to 94% of their funds.

The news was met with mixed reactions from the crypto community. While some users welcomed the announcement and expressed relief at being able to finally access their funds, others remained skeptical and expressed concerns over the delay and the potential for future restrictions.

Celsius has been facing legal challenges since last year, with a class-action lawsuit filed against the platform in December alleging that it had violated securities laws by selling unregistered securities. The lawsuit also accused Celsius of making false and misleading statements to investors about its business practices and financial health.

In response, Celsius has maintained that its products and services are not securities and therefore do not fall under securities laws. The company has also disputed the allegations of false and misleading statements, stating that it has always been transparent with its users about the risks involved in investing in cryptocurrency.

The news of the withdrawal restrictions being lifted comes at a time when the crypto industry is facing increased scrutiny from regulators around the world. Governments and regulatory bodies have been working to create frameworks for the regulation of cryptocurrencies and the platforms that facilitate their trading and exchange.

Despite the challenges faced by the industry, many believe that cryptocurrency and blockchain technology have the potential to revolutionize the financial sector and provide new opportunities for investors and businesses.

Celsius, for its part, has been working to expand its offerings and attract new users. The platform recently announced the launch of its own native token, CEL, which is designed to provide users with discounts and other benefits when using Celsius services.

With the court’s approval, Celsius users can now access the remaining 6% of distributable custody assets from the platform, a move that is likely to improve customer satisfaction and restore trust in the platform. This is a significant step forward for the company and demonstrates its commitment to addressing customer concerns and ensuring the safety of their investments.

Celsius is a crypto lending platform that has gained popularity in recent years due to its attractive interest rates and user-friendly interface. However, the platform has faced criticism in the past for freezing withdrawals and limiting users’ access to their funds. This move to allow full withdrawal is a positive development for Celsius, and it is hoped that the platform will continue to take steps to improve its services and maintain its reputation as a reliable and trustworthy platform for cryptocurrency investors.

Overall, this news is a positive development for the cryptocurrency community, as it highlights the importance of transparency and accountability in the industry. It is hoped that other platforms will follow Celsius’s lead and take steps to ensure the safety and satisfaction of their users.