German Crypto Bank Nuri asks 500,000 users to withdraw funds
At the beginning of August, crypto bank Nuri filed for insolvency in Germany. It attributed major crypto sell-offs, insolvency of Celsius, and other crypto funds as a reason for its move. The bank, notably, had around 500,000 customers and said that the insolvency will not affect its services, customer funds, investments, or the ability for customers to withdraw their assets from the platform. In a fresh revelation on Tuesday, the bank said that it is “closing down” its business operations. Owing to the business liquidation, it has asked all its users to withdraw funds from their accounts by 18 December at the latest. During the preliminary insolvency proceedings, the crypto bank worked closely with its insolvency administrators on a restructuring plan that included finding a potential acquirer. However, they weren’t able to find investors. The released blog post stated, Customers have access and will be able to withdraw all funds until the aforementioned date. All assets