BlockFi to pay $100M in settlement with SEC

Feb 14, 2022

Crypto lender BlockFi has been under investigation since November 2021 over the lending product, which offers yields as high as 9.5%.

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BlockFi is going to pay the U.S. Securities and Exchange Commission (SEC) $50 million. It will stop opening new accounts  as part of a settlement of an ongoing investigation. 

Image source: blockworks

BlockFi has to pay another $50 million to various state regulators. The BlockFi Interest Accounts have gone through critical observation from securities regulators in New Jersey, Texas, Kentucky, Alabama and Vermont over the offering. 

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A BlockFi spokesperson stated that they have been in productive ongoing dialogue with regulators at the federal and state level.  They do not comment on market rumors. 

Image source: BSC

They can confirm that clients’ assets are safeguarded on the BlockFi platform and BlockFi Interest Account clients will continue to earn crypto interest as they always have.              -A BlockFi spokesperson

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The SEC is reportedly investigating Voyager Digital, Gemini Trust and fellow crypto lender Celsius Network.

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