Celsius Network to ‘change course’ and focus on Bitcoin mining

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Celsius Network has received court approval for a restructure that will return withheld cryptocurrency to customers and establish a new company wholly owned by its creditors.

Crypto lending platform Celsius Network says it is to scale back various functions to focus purely on Bitcoin mining.

Celsius chiefs said feedback from the US Securities and Exchange Commission (SEC) had encouraged its post-bankruptcy business plan to change course, and that mining for Bitcoin had always been at the heart of its business plan.

The company filed for Chapter 11 bankruptcy in July last year. The Chapter 11 plan was lifted earlier this month, allowing Celsius to continue.

It is understood the company will hold back some assets that were originally destined to transfer to its new entity, instead having them liquidated as part of the bankruptcy procedure.