Celsius Network Updates Cash Management System

03/14/2023 01:19 • Tech Ticker • 124 views

According to reports, the Celsius Network said on Twitter that it had submitted an update on the cash management system. Celsius believed that all requests for transferring funds from the Signature Bank would be met without any loss of funds. Celsius would also continue to strive to maximize the security of cash and cryptocurrency holdings, and would provide any other updates to the court and all stakeholders when necessary. Celsius will work with consultants to transfer funds from Signature Bank to other approved authorized custodians in accordance with the U.S. trustee’s guidelines.

Celsius: transfer funds from Signature Bank to other approved authorized custodian

Analysis based on this information:

Celsius Network, a platform that offers crypto loans and interest accounts, recently revealed on Twitter that it has submitted an update on its cash management system. The update covers the transfer of funds from Signature Bank to other authorized custodians in accordance with the U.S. trustee’s guidelines. Celsius Network stated that it believes all requests for transferring funds from Signature Bank would be met without any loss of funds.

This announcement came after Celsius Network was sued by a group of investors who claimed that the platform violated U.S securities laws. The group alleges that Celsius Network’s interest accounts are unregistered securities, and therefore the platform must be registered with the U.S. Securities and Exchange Commission.

Celsius Network has stated that it will continue to prioritize maximizing the security of cash and cryptocurrency holdings. This move strengthens their argument that Celsius Network is committed to following all legal guidelines and regulations, which may help the platform avoid future legal action against it.

In addition to submitting the update for the cash management system, Celsius Network has also announced that it will work with consultants to ensure the successful transfer of funds from Signature Bank to other approved authorized custodians. This shows that Celsius Network is taking the transfer of funds seriously and is taking steps to minimize the risk of any losses or errors that could potentially occur.

Overall, this announcement is a positive step for Celsius Network as it shows their commitment to following legal guidelines and maximizing the security of customer funds. By providing updates to the court and stakeholders as necessary, Celsius Network is being transparent about its actions and intentions, providing greater clarity for its investors.

In conclusion, the Celsius Network is updating its cash management system to maintain transparency and legal compliance. The transfer of funds from Signature Bank to other authorized custodians is a crucial move to minimize risks and ensure investors’ confidence in the platform. The Celsius Network has always strived to provide maximum security to the online holdings of its clients.

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Celsius Network Updates Cash Management System

Celsius: transfer funds from Signature Bank to other approved authorized custodian

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