Convert
Polish Zloty (PLN) to Celsius (CEL) Instantly

Frequently Asked Questions

What was the primary method for purchasing Celsius (CEL) with Polish Złoty (PLN)?

Historically, purchasing CEL with PLN was primarily done through a two-step process. Users would first use a Polish fiat on-ramp, often a regulated cryptocurrency exchange accepting PLN via bank transfer or BLIK, to buy a major cryptocurrency like BTC or ETH. Then, they would transfer that digital asset to an exchange that listed the CEL token, or directly to the Celsius Network platform itself, to trade for CEL. Direct PLN/CEL trading pairs were extremely rare.

Given the Celsius Network's bankruptcy, is it still possible to trade CEL on secure exchanges?

Following the Chapter 11 bankruptcy of Celsius Network, most major cryptocurrency exchanges delisted the CEL token due to heightened risk and low liquidity. While it might still be found on some decentralized exchanges (DEXs) or smaller, less regulated platforms, trading this digital asset carries significant risk. Users must exercise extreme caution, be aware of high volatility and potential 'rug pulls', and understand that protections found on major fiat on-ramps are absent. Always verify the contract address on a block explorer before interacting with a DEX.

What is the importance of using a self-custody digital wallet when holding a token like CEL?

The Celsius Network case is a primary example of the importance of self-custody. When users held CEL or other assets on the Celsius platform, they relinquished control to a centralized entity. In contrast, using a self-custody digital wallet (like a hardware wallet or a non-custodial software wallet) means you alone control the private keys. This protects your digital assets from platform-specific risks like insolvency, freezes, or hacks of the central custodian. For any blockchain transaction, self-custody ensures true ownership of the asset.

What was the core utility of the CEL token within the Celsius Network ecosystem?

The CEL token was an ERC-20 utility token designed to provide benefits to users of the Celsius Network, a crypto lending platform. Its primary functions included enabling users to earn higher interest payments on their deposited digital assets (yield generation), get discounts on loan interest rates, and make interest payments. The level of benefits was tied to loyalty tiers, determined by the percentage of a user's portfolio held in CEL tokens, which was a key part of its tokenomics.

What were the typical KYC/AML requirements when using PLN fiat gateways in Poland?

When using regulated cryptocurrency exchanges in Poland to on-ramp Polish Złoty (PLN), standard KYC/AML (Know Your Customer/Anti-Money Laundering) compliance was mandatory. This typically involved providing a government-issued ID (like a passport or national ID card), proof of address (such as a utility bill), and sometimes a selfie for identity verification. These procedures are in line with Polish and EU regulations to prevent illicit financial activities when converting fiat currency to a digital asset.

How did the loyalty tiers in the Celsius Network, based on CEL holdings, work?

The Celsius Network's tokenomics model featured a tiered loyalty system. Users were categorized into levels (e.g., Bronze, Silver, Gold, Platinum) based on the ratio of CEL tokens to their other deposited digital assets. A higher ratio meant a higher loyalty tier. This system was designed to incentivize holding the CEL token, as higher tiers granted significant benefits, such as bonus rewards on yield generation and larger discounts on interest for crypto-backed loans, directly linking the token's utility to the platform's core services.