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On Sunday, New Jersey-based crypto lender Celsius said that it would continue to work toward “stabilizing our liquidity and operations,” a process that would require it to find a resolution by pursuing an “open dialogue with regulators.” 

Earlier this month, Celsius stunned the crypto industry when it froze crypto withdrawals due to “extreme market conditions."

Celsius has traditionally given users high yields for crypto it lends out at a profit to other financial institutions.

“We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” Celsius said.

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“As has been a priority since our company’s inception, we maintain an open dialogue with regulators and officials. We plan to continue working with regulators and officials regarding this pause and our company’s determination to find a resolution.”

This year has seen significant volatility in crypto markets, with the price of Bitcoin — the world’s largest cryptocurrency — plummeting to a low of $20,000 this weekend.

The crypto lender also decided not to do its Twitter Spaces and Reddit Ask Me Anything talks, saying that it needed to prioritize its “important work for the community.” The company said it would instead “focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.”