Status Notice: Celsius Network paused withdrawals on June 13, 2022 and filed for Chapter 11 bankruptcy on July 13, 2022. Its restructuring plan was approved in November 2023 and the company emerged from bankruptcy on January 31, 2024, with creditors receiving distributions. Celsius no longer operates as a lending platform and you cannot earn interest there. This review is kept for education only and is written in the past tense. For buying crypto, my top pick is Coinbase (Coinbase); for storing it yourself, see my Ledger Flex review.
Celsius was a centralized crypto lending and borrowing platform that paid interest on deposits and let users borrow against their coins. It froze withdrawals in June 2022, filed for bankruptcy in July 2022 and is not an option for Canadians or anyone else today. The review below stays up as a case study in what centralized yield actually risks.
| Detail | Info |
|---|---|
| Withdrawals Paused | June 13, 2022 |
| Chapter 11 Filing | July 13, 2022 |
| Restructuring Plan Approved | November 9, 2023 |
| Emerged From Bankruptcy | January 31, 2024, with distributions to creditors |
| Operating As A Lender | No |
| Canadian Status | Never a CSA-registered platform on my list. Not recommended |
What Was Celsius Network?
Celsius was a cryptocurrency lending and borrowing platform that let users deposit crypto and earn interest. As someone who has tested over 50 crypto platforms since 2016, I explored Celsius to find out whether it was worth using for Canadians. At its peak it advertised more than 1.5 million global users and $18 billion in assets under management, with interest paid weekly.
The pitch was simple. Deposit your crypto, earn yield, and borrow stablecoins against your coins at rates as low as 1% APR. It was built to reward long-term holding. You could take your interest in the same coin or in Celsius's own token, CEL, for a boost, and the headline 17% APY applied only to one token, SNX, paid in CEL.
What Did Celsius Offer Before It Collapsed?
Deposit rates varied by asset. At the time I reviewed it, Bitcoin earned about 6% APY and USDC 8.5%. Borrowers put up Bitcoin, Ethereum or other crypto as collateral and chose from stablecoins like USDC, DAI and GUSD. A Celsius credit card was on a waitlist, and a swap function and CelPay for sending crypto between users were part of the app.
Celsius advertised no transaction, deposit, withdrawal or early termination fees, though its revenue model was never fully transparent. I guessed it earned on lending products aimed at institutions. Buying crypto inside the app through third parties and cards did carry fees, and I recommended sending in coins you already owned instead.
How Did Registration And Verification Work?
You entered a name and email, created a password and a six-digit PIN, then verified your identity to start earning: full name, date of birth, address, a taxpayer identification number or SSN, and a government-issued ID. The app showed holdings and earnings on a clean dashboard, and loan requests could only be completed there. It held a 3.6-star rating on the App Store and Google Play, with users mentioning bugs.
Was Celsius Safe?
On paper it looked careful. Celsius listed 24/7 security monitoring, insurance, multi-party computation, two-factor authentication, withdrawal whitelisting and a HODL Mode that blocked withdrawals until you turned it off. It was registered with FinCEN in the US and held a California Finance Lender License.
None of that protected customers from the real risk: the company lending out their coins. I asked at the time whether you were comfortable handing Bitcoin to a centralized platform that could freeze or close your account without notice. In June 2022 it froze withdrawals, and a month later it filed for bankruptcy. The question in my original conclusion turned out to be the right one.
What Should You Use Instead Of Celsius?
If you want to buy and hold, use a registered exchange and consider moving your coins to a wallet you control. If you want to earn staking rewards, my original view still stands: staking directly supports the network, avoids a lender's balance sheet and is worth comparing on features and fees. Read my guide to crypto staking and taxes in Canada before you start, and check the current best crypto exchanges for Canadians.
| Option | Score | What It Suits |
|---|---|---|
| Coinbase | 9.8 | First-time buyers who want a regulated, simple app |
| Kraken | 9.2 | Beginners who want to learn, then cheaper trading on Kraken Pro |
| Wealthsimple Crypto | 8.4 | People who already invest with Wealthsimple |
| Ledger Flex (hardware wallet) | n/a | Holding crypto yourself instead of lending it |
What Changed For Celsius In October 2026?
- Celsius emerged from bankruptcy and began distributing assets to creditors.
- The bankruptcy court approved Celsius's restructuring plan.
- Celsius filed for Chapter 11 bankruptcy.
- Celsius paused withdrawals, transfers and swaps.
Frequently Asked Questions
What Happened To Celsius Network?
Celsius paused withdrawals on June 13, 2022 and filed for Chapter 11 bankruptcy on July 13, 2022. Its plan was approved in November 2023 and it emerged from bankruptcy on January 31, 2024 with distributions to creditors.
Can I Still Use Celsius?
No. Celsius no longer runs as a lending platform, so there is no interest to earn there.
Was Celsius Available To Canadians?
Canadians could use the app, but Celsius was never a CSA-registered platform on my list. I do not recommend it.
What Is A Safer Way To Earn Yield On Crypto?
No yield is risk-free. Compare staking on a registered exchange with holding coins yourself, and read what happens to your coins if the company fails before you deposit.