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Crypto Moves — Celsius turns to bitcoin mining amid bankruptcy; Dutch central bank fines Binance $3.35m  

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Tuesday, rising by 2.06 percent to $21,851.93 as of 8:10 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,516.70 rising by 6.91 percent, according to data from Coindesk.

Celsius resorts to bitcoin mining amid bankruptcy

Crypto lender Celsius Network defended its bitcoin mining plans at a bankruptcy court hearing on Monday in Manhattan, saying it is crucial to the company’s restructuring efforts, Reuters reported.

Celsius will spend $3.7 million on the construction of a new bitcoin mining facility in New Jersey, and another 1.5 million dollars on import duties and customs fees as it received approval from US Bankruptcy Judge Martin Gleen.

A lawyer for Celsius told Glenn that bitcoin mining could allow Celsius to recoup its customers’ assets it froze in weeks before filing for bankruptcy, despite ceasing other business operations like cryptocurrency lending.

As of July 13, Celsius reported a deficit of $1.19 billion on its balance sheet. After the collapse of major terraUSD and luna tokens in May, crypto lenders’ business model came under scrutiny.

As a result of the mining effort, Celsius hopes to repair its relationship with customers, many of whom sent threats and hate mail to certain employees in the weeks leading up to the Chapter 11 filing.

Celsius’ spending on bitcoin mining vendors may be objectionable to customers at a time when their own recovery is in doubt, according to the Department of Justice’s bankruptcy watchdog.

Dutch central bank fines Binance €3.3m  

As a result of its lack of registration, the Dutch central bank has fined Binance, one of the largest cryptocurrency exchanges, €3.3 million ($3.35 million) for providing services, Reuters reported.

DNB said the fine was imposed following a public warning issued against Binance in August 2021. In a statement, the bank said Binance indicated it would appeal.

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