The bankrupt crypto lender Celsius has received court approval to extend the exclusivity period until February 15.
The crypto company, which went bankrupt and jeopardized its client assets, is spending a lot of time in court proceedings. Celsius was unable to survive due to market conditions in the middle of the era when the crypto industry was beginning to flourish. The emergence of problems, especially regarding customer funds, brought the regulators into action. In this context, the company started to look for new ways to continue its existence.
Celsius Gets Court Approval
Celsius, who went bankrupt and has been dealing with legal processes for a long time, received the necessary approval from the court for the exclusivity period.
Celsius underlined that they act for the benefit of their customers and other stakeholders. The company also said it will use this time to continue making plans for an independent business. The court’s approval for the extension comes at the same time Celsius is planning a stablecoin sale to ensure operational liquidity.
This stablecoin plan was discussed in two court hearings. According to the crypto lending platform, the court is expected to rule on the stablecoin next week.
The company submitted a motion in the first half of November seeking approval to extend the exclusivity period.
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