After the market downturn caused the firm to freeze withdrawals for its customers, Celsius has asked users to give it more time to get back to normal.
Billions of dollars of value have been wiped off of the market in the last few weeks.
Celsius offers high yields to users who deposit theircryptocurrencies with the company and lend it out to other institutions to make money.
The company halted withdrawals for customers last week.
Customers were given more time to deal with the situation.
Our goal continues to be stabilizing our operations. The company said in a post that it would take time.
Since our company was founded, we have maintained an open dialogue with regulators. We are going to work with regulators and officials to find a solution.
To focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community, Celsius said it would stop asking questions on social media.
There are a number of factors that have put Celsius on the verge of insolvency.
The assets it holds are no longer worth as much as they used to. Celsius's liquidity issues have been worsened by a big exposure to a token called staked ether.
All Rights Reserved © 2024
