Celsius Network Granted Approval to Convert Altcoins to BTC

Celsius Network Granted Court Approval to Convert Altcoins to Bitcoin

Crypto lender Celsius Network has received approval from the US Bankruptcy Court to convert its altcoins into Bitcoin (BTC). This move will allow the distribution of funds to creditors in the near future. The decision came after discussions between Celsius and the US Securities and Exchange Commission (SEC). The troubled lender, which faced bankruptcy in 2022, can now sell or convert cryptocurrency assets, excluding tokens associated with Withhold or Custody accounts, into BTC or ETH starting from July 1, 2023. Celsius Network was recently acquired by crypto consortium Fahrenheit and plans to distribute assets exclusively in Bitcoin and Ether.