BlockFi, a cryptocurrency lending company, has resumed allowing eligible clients in the United States to withdraw their digital assets. This comes after a court directive and is a significant development in the ongoing bankruptcy proceedings. However, the resumption of withdrawals only applies to US-based holders of BlockFi Wallets who meet specific conditions outlined in the court-endorsed Wallet Order. International users are still unable to withdraw their funds as legal proceedings continue for their cases. The court has recognized that individuals with funds in their wallet accounts retain full ownership and have authorized withdrawals. However, clients must meet certain criteria, including being based in the US, not exceeding a certain value of asset withdrawals, and not having trade-only assets in their wallets at a specific time. Despite these criteria, some users have faced difficulties during the withdrawal process. BlockFi has also announced its restructuring plan, which has been conditionally approved by the bankruptcy court. The company aims to recover funds from entities such as Alameda Research, FTX, Three Arrows Capital, Emergent, and Core Scientific. Additionally, BlockFi is facing a $30-million penalty from the US Securities and Exchange Commission, which has been postponed until after the repayment of its users.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	None
Companies	FTX, BlockFi, Three Arrows Capital, Emergent, Alameda Research, Core Scientific
Currencies	None
Securities	None