General FAQs on PayPal/Venmo Distributions

Modified on Tue, 28 May 2024 at 04:45 PM

TABLE OF CONTENTS


How do I sign up for PayPal or Venmo?

If you do not already have a PayPal or Venmo account, please visit their websites and create a new personal, non-business account: https://www.paypal.com/us/webapps/mpp/account-selection or https://venmo.com/signup/.

 

I received an email telling me to create a PayPal or Venmo account but I already have one. What should I do?

To receive your cryptocurrency distribution, please ensure you have an active account at PayPal or Venmo using the same personal information used for your Celsius account, including your Name and Date of Birth.

 

Instructions on collecting your claim distribution at PayPal or Venmo will be sent through email. 

 

How will I collect my claim distribution through my PayPal or Venmo account?

Creditors receiving their claim distribution from PayPal or Venmo will receive an email from Stretto with notice that a claim is available for them to collect at PayPal or Venmo. Each cryptocurrency asset associated with your claim distribution will have a unique claim code, for instance, one claim code for BTC and one claim code for ETH. Each email will contain a unique claim code with instructions for collection on the PayPal or Venmo platform. 

 

  • After logging in to your account at PayPal or Venmo, navigate to the “Crypto” section and find a section for users with a Celsius claim code. Click “Redeem Claim Code” and follow the instructions.
  • For security and compliance reasons, creditors will not be able to access the Celsius Creditor Claims distribution at PayPal or Venmo from outside of the United States.
  • If you have not already enabled cryptocurrency on your PayPal or Venmo account, you will be asked to complete certain identification steps and accept PayPal’s or Venmo’s terms of service. Once submitted, PayPal or Venmo will process your claim and ensure your identity matches the identification information you have provided to Celsius. 

 

When your claim is confirmed, you will receive an email from PayPal or Venmo notifying you of a deposit into your PayPal or Venmo account. You will also receive an email from Stretto confirming your receipt of your claim.

 

Is there a deadline by which I must collect my claim through PayPal or Venmo?

Any distribution that is unclaimed or otherwise remains undeliverable for one year after the first attempt to deliver, shall be treated as unclaimed property under the Plan and returned to the Estate for future distributions made under the Plan to eligible creditors.

 

If I want to move my cryptocurrency out of my PayPal or Venmo account, will their current cryptocurrency withdrawal limits apply to Celsius creditors?

The standard weekly withdrawal limit for both PayPal and Venmo is $25,000. If your Celsius cryptocurrency distribution is $40,000 or more, you can submit a withdrawal limit increase request to increase your weekly withdrawal limit to $500,000. This form is available on the PayPal and Venmo Celsius claim pages and is linked here: https://www.paypalobjects.com/cryptocurrency/redeem/12122023/celsius_limit_increase.pdf. To increase your withdrawal limit, follow the instructions in the form, and then email it to cryptolimits@paypal.com or cryptolimits@venmo.com. Please note that the request will only be reviewed if it is sent from the email address associated with your PayPal or Venmo account. Please allow time for the form to be processed, as these will be reviewed and accepted individually. Please visit the PayPal support page for Celsius creditors for more information.

 

I successfully collected my claim at PayPal or Venmo, but I do not have the option to transfer my cryptocurrency off the platform. What should I do?

In most cases, you will be able to sell or transfer your cryptocurrency immediately once your claim distribution transfer is confirmed - you will receive an email verification with your transaction details.

 

In the event you attempt to transfer and do not see the option to transfer when selecting a coin, please wait up to 48 hours. There is a chance the platform has not yet completed the KYC verification process. If you continue to experience an issue with transferring your coins 48 hours after you’ve completed your account verification steps, please contact PayPal or Venmo for support.

 

Could I split my claim distribution between my PayPal and Venmo accounts?

Your claim distributions must be completed on the same platform where they are initiated; through either PayPal or Venmo. For example, if you claim your BTC on PayPal, you must also claim your ETH on PayPal. If you claim your BTC on Venmo, you must also claim your ETH on Venmo.

 

Do I have to pay a fee to receive my distribution from PayPal or Venmo?

No, there will be no fees to receive your cryptocurrency distribution into your PayPal or Venmo account. Any fees for withdrawing your cryptocurrency will be the usual and customary fees associated with the blockchain in question.

 

For more information regarding PayPal fees, please visit https://www.paypal.com/us/webapps/mpp/paypal-fees.

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