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Celsius Network approved to convert altcoins into BTC or ETH

Celsius Network, a bankrupt crypto lender, has been granted permission by the United States Bankruptcy Court for the Southern District of New York to convert its altcoins holdings into Bitcoin (BTC) and Ethereum (ETH).

The company is preparing to distribute the converted cryptocurrencies to its creditors, and the court has allowed Celsius to sell or convert any non-BTC and non-ETH cryptocurrency assets to BTC or ETH starting on or after July 1, 2023.

Celsius has been in regular dialogue with the Securities and Exchange Commission (SEC) and certain state regulatory agencies to ensure that all distributions are in compliance with applicable federal and state laws and regulations.

How will Celsius Network’s creditors receive their distribution after the conversion of altcoins into BTC and ETH

Celsius Network’s creditors will receive their distribution in Bitcoin (BTC) and Ethereum (ETH) after the conversion of altcoins into these two cryptocurrencies.

The company has been granted permission by the United States Bankruptcy Court for the Southern District of New York to convert its altcoins holdings into BTC and ETH, and it will distribute the converted cryptocurrencies to its creditors.

The court has allowed Celsius to sell or convert any non-BTC and non-ETH cryptocurrency assets to BTC or ETH starting on or after July 1, 2023.

Celsius has been in regular dialogue with the Securities and Exchange Commission (SEC) and certain state regulatory agencies to ensure that all distributions are in compliance with applicable federal and state laws and regulations.

what are the benefits of converting altcoins into BTC or ETH for Celsius Network

Converting altcoins into BTC or ETH can provide several benefits for Celsius Network, including:

  • Liquidity: By converting altcoins into BTC or ETH, Celsius Network can increase its liquidity and have access to more widely accepted cryptocurrencies.
  • Compliance: The move to convert altcoins into BTC or ETH comes amid recent SEC crackdowns on altcoins classified as securities.
  • By converting altcoins into BTC or ETH, Celsius Network can ensure compliance with regulatory requirements.
  • Stability: BTC and ETH are two of the most stable cryptocurrencies in the market.
  • By converting altcoins into these two cryptocurrencies, Celsius Network can reduce its exposure to the volatility of altcoins.
  • Distribution of funds: The approval to convert altcoins into BTC or ETH allows Celsius Network to distribute funds to its creditors and altcoin holders who are owed money by Celsius.

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