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Celsius Has Extended the Exclusivity Period


Bankrupt crypto credit institution Celsius has received approval from the court to extend the exclusivity period until February 15.

The crypto company, which has gone bankrupt in a shocking way and put customer assets at risk, is spending intense hours on court processes. Celsius could not stay afloat due to market conditions in the middle of the period when the crypto industry began to develop. The emergence of problems, especially with customer funds, has also brought regulators into play. In this context, the company began to look for new ways to continue its existence.

Celsius Receives Court Approval

Bankrupt and engaged in legal processes for a long time, Celsius received the necessary approval from the court for the exclusivity period.
Celsius underlined that they are acting in the best interests of their customers and other stakeholders. In addition, the company expressed that it will use this given time to continue making plans for an independent business. The court’s approval of the extension came at the time when Celsius was planning a stablecoin sale in order to ensure operational liquidity.

This stablecoin plan had been discussed in two court hearings. According to the crypto lending platform, the court is expected to make a decision on the stablecoin next week.

The company had submitted a motion requesting approval for the extension of the exclusivity period in the first half of November.

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