Can’t Open a Coinbase Account? Here’s Your Guide to Celsius Network Distributions!

As Celsius Network navigates its way out of bankruptcy, international users are left with questions about the upcoming distribution of funds. This article aims to provide clarity on what to do if you cannot open a Coinbase account.

TL;DR: If you are unable to receive your distribution at Coinbase for any reason, you will be assigned to receive your distribution in US dollars. Best way is to submit a ticket Stretto.

Celsius Network has stated that if you are an account holder residing in one of the countries included in their list, they will attempt to make your distribution through Coinbase.

Therefore, you should open a Coinbase account matching the information associated with your Celsius account.

Here is the list of countries that will be distributed through Coinbase:

  • Albania
  • Andorra
  • Argentina
  • Australia
  • Austria
  • Azerbaijan
  • Belgium
  • Bolivia, Plurinational State Of
  • Brazil
  • Bulgaria
  • Burkina Faso
  • Cameroon
  • Canada
  • Cayman Islands
  • Chile
  • Colombia
  • Costa Rica
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Dominican Republic
  • Ecuador
  • El Salvador
  • Estonia
  • Faroe Islands
  • Finland
  • France
  • Georgia
  • Germany
  • Ghana
  • Gibraltar
  • Greece
  • Guatemala
  • Guernsey
  • Hong Kong
  • Hungary
  • Iceland
  • Indonesia
  • Ireland
  • Isle Of Man
  • Italy
  • Jamaica
  • Japan
  • Jersey
  • Kazakhstan
  • Kenya
  • Kuwait
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Mexico
  • Monaco
  • Mongolia
  • Nepal
  • Netherlands
  • New Zealand
  • Nigeria
  • Norway
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saint Kitts And Nevis
  • Saint Martin
  • San Marino
  • Serbia
  • Singapore
  • Sint Maarten
  • Slovakia
  • Slovenia
  • South Africa
  • Spain
  • Sri Lanka
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Togo
  • Tunisia
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Zimbabwe

However, it’s important to note that the list of countries may be modified, and there is no guarantee that you will receive your distribution via Coinbase if you are a resident of one of these countries.

More specifically, you will be required to meet the Know Your Customer (KYC) and other requirements of Coinbase for the applicable jurisdiction.

If you are unable to receive your distribution at Coinbase for any reason, you will be assigned to receive your distribution in US dollars.

US dollar distributions will be distributed as soon as reasonably possible after the Effective Date of the Plan.

Those receiving distributions in US dollars will receive specific instructions at a later date on how those funds will be made available.

It’s worth noting that you may incur fees from your bank for receiving a bank transfer. Therefore, it’s recommended to contact your bank for more information.

Lastly, unless the address associated with your Celsius account is in a country that does not authorize the distribution of cryptocurrency based on local jurisdictional laws, or other circumstances apply, you will receive your claim distribution via your assigned Distribution Partner. You cannot elect to receive your claim distribution in USD.

While the path to restitution for Celsius Network users has been fraught with uncertainty, the company is making strides to ensure that all account holders, including international users, are able to access their funds.

As always, it’s recommended to stay informed and take necessary actions based on your individual circumstances.

The best place to keep up with the latest Celsius Network bankruptcy funds distribution news is to follow the Celsius subreddit.

Celsius Network: Effective Date and Commencement of Distributions

Celsius Network LLC, a cryptocurrency platform, has announced the commencement of distributions following its emergence from Chapter 11 bankruptcy.

Emergence from Bankruptcy

Celsius Network successfully emerged from bankruptcy by completing transactions under its confirmed plan of reorganization.

The plan was approved by approximately 98% of the company’s account holders and confirmed by the Bankruptcy Court for the Southern District of New York on November 9, 2023.

Commencement of Distributions

Following the approval of the MiningCo Transaction by the Bankruptcy Court on December 27, 2023, the company commenced distributions of over $3 billion of liquid cryptocurrency and fiat to creditors. This distribution also marked the creation of a new Bitcoin mining company, Ionic Digital, Inc., which will be owned by Celsius’ creditors.

Ionic Digital, Inc.

Ionic Digital, Inc. is expected to be publicly traded once the requisite approvals are received. The stock of Ionic Digital will be owned by Celsius’ creditors, who will own equity in the form of common stock.

Distribution Details

Celsius Network has devised a comprehensive recovery distribution plan that aims to provide maximum returns to its creditors. Under this plan, the majority of creditors received distributions in the form of three primary assets: liquid cryptocurrencies (BTC and ETH), NewCo Common Stock, and Litigation Proceeds.

The company increased the amount of cryptocurrency that would be available for distribution to creditors by nearly $250 million dollars by converting altcoins to BTC or ETH and through previous settlements. The company has commenced distributions of over $3 billion of liquid cryptocurrency and fiat to creditors.

Ionic Digital, the new Bitcoin mining company created as part of the plan, will continue to deliver recoveries to creditors. The Ionic Digital stock is expected to be publicly traded once the requisite approvals are received. Ionic Digital will be owned by Celsius’ creditors, who will own equity in the form of common stock.

Source: Claims Process FAQ, Stretto


Posts You Might Like

Leave a Comment