BlockFi, a financial services company and cryptocurrency exchange is navigating through a challenging period. Now, it will restart the withdrawals which is seen as an important development in the company’s arguable past.
The company was founded by Zac Prince and Flori Marquez in 2017. It provides high interest rates on deposits. On November 28, 2022, it filed for Chapter 11 bankruptcy protection. The filing came after the collapse of FTX, which has created instability in the cryptocurrency market.
The court document of BlockFi reveals that the firm has to pay more than 100,000 creditors. This leads to uncertainty and concerns among its users. The accounts are frozen, resulting in no customer withdrawals.
The U.S. Bankruptcy Court for the District of New Jersey provides BlockFi with the authority to reopen the withdrawals for eligible users. This has raised hopes among the users. However, users have to fulfill certain criteria regarding eligible clients for withdrawals.
“US-based BlockFi Wallet account holders who did not withdraw or transfer more than $7,575 worth of digital assets from their BlockFi Interest Account (BIA) or BlockFi Private Client (BPC) on or after November 2, 2022. Moreover, the clients should not hold any trade-only assets in their wallet at the time of Platform Pause on November 10, 2022, at 8.15 P.M.E.T.”
Withdrawal From BlockFi
Step 1: Access the BlockFi Website
On the BlockFi website, log in to the account using the registered email address and password. After successfully logging in, the user gets access to the dashboard of the account.
Step2: Head for the withdrawal section
Locate the withdrawal button on the dashboard. To start the process click on the button that is on the right side of the screen.
Step3: Cryptocurrency Selection
A cryptocurrency list that is available in the user’s account will be displayed. Select the cryptocurrency for withdrawal by clicking on it.
Step4: Mention Withdrawal Details
The specific details related to the withdrawal should be mentioned. It will need the amount to be mentioned and the recipient’s address. In the amount section, enter the exact quantity of the selected cryptocurrency.
In the address section, input the recipient’s wallet address, which means the address where the user wants to send the cryptocurrency. Check once after entering the address and the amount to avoid mistakes.
Step5: Confirm
After checking all the details, press the confirm button.
Step6: Confirmation Email
After confirming the details, BlockFi will start the transaction process. Firstly, the user will receive the email confirmation on the email address linked with the account. The email will contain the details regarding withdrawal. Like:
- Transaction ID: It is the unique identity of the withdrawal.
- Approximate Withdrawal Processing Time: Information regarding the time taken to complete the withdrawal process.
3. Transaction details: A summary of the withdrawal, which includes all the details of the translation like the recipient address and the amount
BlockFi Withdrawal Fees and How Long Does it Take to WIthdraw
Withdrawal fees differ depending on the choice of the cryptocurrencies selected for withdrawal. BlockFi will only permit withdrawals for specific U.S.-based users who meet certain criteria. International clients are currently not eligible for withdrawals. Those who are eligible could take up to 90 days or even more for withdrawal.
