Withdrawal FAQ

8 min readFeb 14, 2023


Last updated: [July 5, 2023]

Note: For the most up-to-date FAQs, please see the Distribution FAQ.

Withdrawals opened for certain assets in certain Custody Accounts on March 2, 2023. We will be in direct contact with Eligible Users to notify them that they can withdraw their eligible assets.

Eligible Users can only withdraw their eligible assets through the Celsius app.

Withdrawals cannot be processed until all account information is up to date and verified. You can find helpful information about the withdrawal process below.

PLEASE NOTE: Celsius will never contact you by email, telephone, text message, or otherwise to request wallet, account, or personal information absent an order or on-the-record instruction by the Court. The Plan Sponsor, Fahrenheit, LLC, and its advisors will never contact you by email, telephone, text message, or otherwise to request wallet, account, or personal information absent. Should you receive any suspicious messages or emails from parties claiming to be Celsius, please report it to CelsiusCreditorQuestions@kirkland.com.


1. What withdrawals did the Court authorize Celsius to reopen?

The Court has authorized Celsius to reopen withdrawals for certain customers with assets held in Custody Accounts. At this time, Celsius is authorized to return assets that fall into two categories, subject to certain eligibility requirements as explained in question 2 below:

  • “Pure” Custody Account Assets: These are assets that were never in the Earn Program or Borrow Program and were transferred directly into the Custody Program. There is no cap on the amount of Pure Custody digital assets that are eligible for withdrawal. Withdrawals are subject to withdrawal fees.
  • “Transferred” Custody Assets: These are assets that were transferred from the Earn Program or the Borrow Program into the Custody Program in the 90 days before Celsius filed for chapter 11 protection on July 13, 2022. Celsius is authorized to allow withdrawals for customers with aggregate transferred custody assets of up to USD $7,575. Customers with aggregate transferred assets greater than US$7,575 may not withdraw any of their custody assets at this time.
  • Custody Assets for Custody Account Users who elect to opt in to the Custody Settlement. More information is available here.
  • Users who initiated post-petition transfers.

2. Which Custody account holders cannot withdraw Custody account assets?

  • Current and former Celsius employees, including “insiders” (as defined in section 101(31) of the Bankruptcy Code) are not eligible to withdraw assets at this time. Affiliates of current and former Celsius employees are also not eligible to withdraw at this time.
  • Eligible Users whose Custody assets are less than the withdrawal transaction fees cannot withdraw assets at this time.
  • Eligible users who did not opt in to the Custody Settlement may not withdraw at this

3. Is there a limit on the amount of digital assets customers can withdraw?

Celsius is now authorized to distribute 100% of each eligible user’s Distributable Custody Assets less transaction fees. On March 21, 2023, the Court approved Celsius’ Settlement regarding Custody claims with the Ad Hoc Group of Custodial Account Holders and the Committee. Please note that transaction fees will be charged per withdrawal.

4. How will I know if I’m eligible?

Celsius has notified all eligible customers via email and in-app notifications. Please check your email address associated with your Celsius account for additional information regarding your eligibility and steps required to prepare your account for withdrawals.

5. When will withdrawals be reopened for eligible customers?

Celsius is in direct contact with Eligible Users and has notified them that they can withdraw their eligible assets. Please note that Eligible Users will not be able to withdraw until their account information is up to date and verified.

6. Is a withdrawal a one-time event or can I withdraw multiple times?

Eligible Users are able to process as many withdrawals, up to the permitted withdrawal amount, as needed, as long as their eligible balance is sufficient to cover the cost of the transaction.

7. Does this impact my other claims against Celsius?

No, this withdrawal does not impact other claims filed against Celsius.

Eligible Users who elected into the Custody Settlement can learn more about how the Settlement impacts their custody claim against Celsius here.

8. When will other customers be permitted to make withdrawals?

The Court has not made any further determinations regarding Earn or Borrow customer withdrawal eligibility at this time. We will continue to communicate as determinations are made.

9. Why are withdrawals only permitted for users in the United States and not international users?

The Court granted authorization for withdrawals to certain customers with assets in Custody accounts. Custody accounts were only available to Celsius customers in the United States.

10. What should I do if I am not currently in a location where I can access my Celsius app?

Data and asset security remain our top priority and you may not be able to access the Celsius app from your current location. We ask that you attempt to withdraw your eligible digital assets once you are back in an area where access to Celsius is permitted, or contact customer care for support.

11. Can I close my account once I make my withdrawal?

At this time, while our Chapter 11 cases continue, we are not closing accounts.

12. Is there a deadline for withdrawals?

Currently, there is no deadline for withdrawals. Please be advised that if assets are not withdrawn, they may remain on the Celsius platform, subject to future decisions made by the Court. We will provide further updates on the deadline to withdrawal if any such deadline is established.

13. What happens if I don’t want to withdraw my digital assets?

It is the Eligible User’s responsibility to withdraw their digital assets. If assets are not withdrawn, they will remain on the Celsius platform subject to future decisions made by the Court.

14. How do I know how many coins I can withdraw?

The coins that are available for withdrawal will be visible to you within the app once withdrawals are open. The balances are shown in the app as “Eligible Balance” for each coin. This information will be visible once withdrawals are opened. Transaction fees will be subtracted from the “Eligible Balance” when you withdraw your digital assets from the platform.


15. Do customers need to take steps to facilitate a withdrawal?

For regulatory and security reasons, Eligible Users will be asked to update their Celsius account with certain required information prior to any withdrawals being processed. You can update all necessary information through the Celsius app.

16. What is KYC? How do I comply?

Know Your Customer (“KYC”) is a process that financial institutions must use to ensure that the personal information they hold is true and up to date. This process is separate from Travel Rule regulations and is required by Anti-Money Laundering (AML) regulations in the United States. The Anti-Money Laundering Act of 2020 states that businesses exchanging or transmitting virtual currencies are required to comply with the Bank Secrecy Act. In order for withdrawals to be processed, customers are required to provide updated KYC information.

The in-app KYC process requires you to provide and confirm the following information:

  • Full Legal Name;
  • Address of residence;
  • Citizenship country;
  • Date of birth;
  • A picture of your government-issued ID; and
  • Social Security Number or Tax ID Number.

Note, the name on your government-issued ID must match the name that you’ve previously provided to Celsius. If it does not match, you will be required to correct this in order to complete the KYC process.

17. Other than completing KYC, what else must be done in order to withdraw assets from my eligible Celsius Custody account?

In order to withdraw, customers must set up a withdrawal address to send coins to. The process for setting up a withdrawal address is described here. As an added layer of security, newly defined withdrawal addresses will only be available after 24 hours. Also, please note that Celsius requires customers to provide additional information about each withdrawal wallet address, in accordance with the Travel Rule (see more below).

18. What is the Travel Rule? What information is needed to comply?

The Travel Rule is a requirement for financial institutions to collect and share beneficiary and originator information with other financial institutions. To comply with these regulations, Celsius asks customers to provide the following information:

  • Identification of whitelisted wallet addresses as hosted by a 3rd party or self-hosted;
  • Confirmation of whether the beneficiary wallet is controlled by the same Celsius account holder or by someone else; and
  • Identification of the beneficiary Crypto service provider (e.g., Coinbase).

All customers are required to provide the requested information in order to complete a withdrawal. Kindly note that, at present, Celsius is only allowing withdrawals to wallets controlled by the same Celsius account holder.

19. How long will it take to confirm my whitelisted address has been added to my account?

Once you provide your withdrawal address and complete the travel rule requirement, your address will be locked for 24 hours. Once the 24-hour period expires you will be able to withdraw coins to the address that you set up.

If your withdrawal address is already whitelisted, and you just need to complete the new travel rule requirement, your withdrawal address will not be locked for 24 hours after you provide that information.

Please note that Celsius is expecting a high number of withdrawal requests, as a result, withdrawals may take longer than 24 hours to process.

20. Why do I need to resubmit my KYC Verification? I am already verified!

Submitting updated KYC is required for all clients to withdraw from the platform to ensure compliance with AML regulations, and to reduce the risk of fraud and account takeovers.


21. Why is Celsius charging transaction fees?

As a type of blockchain transaction, withdrawals are subject to transaction fees from the blockchain network. Celsius has introduced transaction fees to cover the cost of processing your transactions. For more information about how transaction fees work, please check out this article.


22. Why am I not eligible for withdrawal?

Eligibility has been determined and approved by the Court. At this time, users who do not fall into the categories approved by the Court are not eligible for withdrawals at this time.

23. I think I should be eligible. Can I appeal?
Eligibility for withdrawal is determined and approved by the Court. If you think the Court’s ruling applies to your Custody assets but you were not contacted as an eligible user by Celsius, please email celsiuscreditorquestions@kirkland.com.

24. When will Earn / Borrow accounts be open for withdrawal?
The Court has not made any further determinations regarding customer withdrawal eligibility for Earn or Borrow accounts at this time. We will continue to communicate as determinations are made.

25. Can I pay off my loan so I can become eligible?
Accounts that had an active loan as of December 20, 2022 are ineligible for withdrawal. Loan repayment will not open eligibility at this time.

26. I am not currently eligible for withdrawals. Why am I being asked to update my account information?
As part of our regulatory and compliance requirements on record keeping, we periodically ask users to take a moment to update their account information and re-submit their government-issued identification via our app to ensure the accuracy of our records.





Celsius was a global cryptocurrency platform and a leader in Bitcoin mining. For more, please visit http://cases.stretto.com/celsius.