It’s been just revealed that Celsius has hired new counsel to advise it through a possible restructuring. This came weeks after the lending platform suspended withdrawals amid a drawdown in crypto prices.
Celsius wallet restructuring
As per the Wall Street Journal, Celsius has replaced its lead restructuring counsel with a team from Kirkland & Ellis LLP. Lawyers from Kirkland & Ellis will advise Celsius on options including bankruptcy filing, and sources familiar with the matter told the publication.
Celsius had previously brought on lawyers from Akin Gump Strauss Hauer & Feld LLP to help the firm navigate its options.
Neither Kirkland & Ellis nor Akin Gump Strauss Hauer & Feld responded to a request for comment during the off-market hours.
Celsius’s management has not yet shared a path forward since the market plunge left the company in an unstable liquidity position from which it has yet to recover.
It’s also worth noting the fact that recent reports indicate it has brought on a team of restructuring lawyers and appointed Citigroup to advise it on potential financing options.
As of June 30, Celsius shared a blog post with the community saying it was continuing to take “important steps to preserve and protect assets and explore options available to us.”
“These options include pursuing strategic transactions as well as a restructuring of our liabilities, among other avenues,” said the post.
The same blog post posted by The Block continued and said:
“These exhaustive explorations are complex and take time, but we want the community to know that our teams are working with experts from many different disciplines.”
Binance gains foothold in Europe
According to a new press release, the Bank of Spain recently approved Binance’s subsidiary, Moon Tech Spain, as a virtual asset services provider (VASP).
Binance can now offer exchange and custody services in the country.
Quim Giralt, director of Binance Spain, says the company plans to expand operations extensively throughout the country.