What is Celsius’ Custody solution?
We are introducing changes to the way our Earn product will function for users in the United States.
These changes are a result of our continued work with regulators around the world and will provide a path forward for our users in the United States to continue holding coins and earning rewards with Celsius.
How will the Custody solution affect my account?
Depending on your current location and whether you are a new or existing user, your experience may vary. For the majority of US-based users, your account will be divided between two account types, the Custody account, and the Earn account.
Coins in your Custody account can be transferred, swapped, or used as loan collateral, but they don’t earn rewards. Purchased or transferred coins will go to your Custody account.
Coins in your Earn account will earn rewards but can’t be swapped or used as loan collateral. Coins in your Earn account can only be transferred to your Custody account.
When will the Custody solution go into effect?
The Custody solution is scheduled to go into effect on April 15, 2022.
How will this change affect current US-based non-accredited investor users?
For these users, any coins transferred to Celsius before April 15, 2022, will remain in the Earn account and will continue to earn rewards as they did before.
Additional coins purchased or transferred to Celsius after April 15, 2022, will go to the Custody account.
After April 15, 2022, US-based users who are not Accredited Investors will be unable to transfer coins from their Custody account to their Earn account. This means that no new coins can be added to the Earn account unless that user becomes an Accredited Investor.
Users will always have the ability to transfer coins from the Earn account to their Custody account.
Only coins in the Custody account can be used with other Celsius products such as Swap and Loans. As always, the availability of these features is still determined by your current location.
How will this change affect US-based Accredited Investors?
Accredited Investors will continue to earn rewards through their Earn account as they always have.
As with US-based non-accredited investors, their Celsius accounts will be divided into Custody and Earn accounts.
Unlike US-based non-accredited investors, US-based Accredited Investors may freely move their coins between their Custody and Earn accounts. They will be able to add coins to their Earn account if they wish.
Only coins in the Custody account can be used with other Celsius products such as Swap and Loans. As always, the availability of these features is still determined by your current location.
For more information on how to become an Accredited Investor, check out our FAQ.
How will this change affect users outside of the US?
There will be no change to services offered by Celsius to users outside of the US. Earning along with all other Celsius products will remain the same for the time being.
If I’m not an Accredited Investor and I have coins in my Earn account, to which account will my earned rewards go?
Your rewards will continue to be paid into your Earn account.
If I’m an Accredited Investor, will I earn rewards on coins in my Custody account?
No, rewards will only be earned on coins in your Earn account. As an Accredited Investor, you can freely move coins into your Earn at any time.
If I’m an Accredited Investor and I have coins in my Earn account, to which account will my earned rewards go?
Your rewards will continue to be paid into your Earn account.