Celsius Says it Needs More Time to Recover Financial Position

From blockworks.co

Celsius froze withdrawals on its platform over a debilitating liquidity crisis one week ago. Now, the crypto lending network has said it needs more time to recover its financial position. “We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” the troubled lender said in a blog on Monday. Celsius said it’s maintaining open communication with regulators and officials regarding its decision to pause withdrawals, swaps and transfers between user accounts. The company cited “extreme market conditions” for the suspension. It also ... (full story)