Cersius Network starts to notify qualified users to extract the managed assets

On February 15, the crypto lending platform Celsius Network tweeted that the withdrawal of distributable assets in some custody accounts was about to be restarted, and Celsius began to notify eligible users to take the necessary steps to withdraw. Eligible users will also receive specific information about gas and transaction costs related to cash withdrawal activities. Qualified users who do not have enough assets in their accounts to pay these fees will not be allowed to withdraw their assets. Eligible users are expected to receive e-mails from Celsius and notifications issued by Celsius applications around February 15.

Interpretation of this information:

The message from Celsius Network on February 15 informs its users that the withdrawal of distributable assets for some of its custody accounts is about to be restarted. The platform is notifying eligible users to take necessary steps to withdraw their assets and providing information about gas and transaction costs related to the withdrawal process. It specifies that qualified users who do not have enough assets to pay these fees will not be able to withdraw their assets. Celsius is expected to send emails and notifications to eligible users through their applications around the same time.

This message suggests that Celsius Network has restarted the withdrawal process for some of its custody accounts, which could mean a positive development for its user base. The notification to eligible users indicates that the platform is actively working to ensure that users are aware of the process and any costs involved in withdrawing their assets. However, the caveat that qualified users who do not have enough assets to pay the fees will be unable to withdraw could cause some concern for users who are unable to meet these costs.

The message showcases Celsius Network’s commitment to transparency and user-friendly processes by providing detailed information about the withdrawal process. By sending notifications through emails and its mobile application, Celsius is ensuring that its users are well-informed on any updates related to their accounts. It is also vital to note that Celsius had halted withdrawals for some of its custody accounts without any notice in the past, which faced severe backlash from its users. Therefore, this message is an indication of Celsius’s efforts to avoid such events in the future and maintain a credible image within the crypto community.

However, it remains to be seen how Celsius will handle users who are unable to pay the necessary fees for withdrawal. This uncertainty may require further clarification, which Celsius may provide in the future. Overall, this message showcases Celsius Network’s commitment to improving its platform’s user experience and maintaining transparency with its users.