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BlockFi to Pay $100 Million for Settlement with SEC and States
Abstract：BlockFi has reached a settlement of a total of $100 million with the US Securities and Exchange Commission (SEC) and other state regulators, who are investigating the crypto lender for illegally offering cryptocurrency lending products to Americans, Bloomberg reported.
The platform will pay $50 million to the SEC and the rest to state regulators.
It cannot open new accounts for most Americans.
Out of the total settlement proceeds, $50 million will go to the SEC, while the rest will be distributed among several state regulators of New Jersey, Texas, Kentucky, Alabama and Vermont, the anonymous sources of the publication revealed. The official announcement of the settlement is expected to come out this week.
Some of these financial market regulators even issued cease-and-desist orders against BlockFi.
Though the crypto platform will also have to stop opening new accounts under the settlement agreements, it will not impact the existing clients.
The Business of Crypto Lending
BlockFi allows retail users to lend their cryptocurrencies for yields as high as 9.5 percent. The company executives earlier explained that it is able to offer such a high yield as institutional investors are even ready to offer even higher interests against their crypto borrowings.
But, the companys business remains unregulated that raised eyebrows of many American regulatory agencies over the recent months. The platform is facing regulatory scrutiny since at least November 2021.
“We have been in productive ongoing dialogue with regulators at the federal and state level. We do not comment on market rumors,” a BlockFi spokesperson told media when commenting on reports of the settlement. “We 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.”
Apart from BlockFi, other crypto lending platforms in the United States are also facing regulatory scrutiny. Several state regulators took the lead in taking action against the crypto lending schemes. The SEC is also reportedly probing Celsius Network, Voyager Digital and Gemini Trust.
Meanwhile, BlockFi recently received a license in Bermuda that will help the companys global expansion push.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Inzo Broker Review 2025: Is It Legit or a High-Risk Gamble?
When you ask, "Is inzo broker legit?" you want a clear, straight answer before putting your money at risk. The truth about Inzo Broker is complicated. Finding out if it's legitimate means looking carefully at its rules, trading setup, and most importantly, the real experiences of traders who have used it. The broker shows a mixed picture - it has official paperwork from an offshore regulator, but it also has many user warnings about how it operates. This review gives you a fair and fact-based investigation. We will break down all the information we can find, from company records to serious user complaints, so you can make your own clear decision.
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Uniglobe Markets Review 2025: A Complete Guide to an Unregulated Broker
Uniglobe Markets claims to be an online trading company that offers many different types of investments, including foreign currency and raw materials. The company tries to attract traders by offering high leverage, different account options, and popular MetaTrader trading software. However, there is one major problem: the company does not have proper regulatory oversight. This creates serious concerns about the safety of clients’ capital and whether the company operates honestly. Read on to learn more about its regulatory status.
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The 5%ers Review: Is it a Scam or Legit? Find Out from These Trader Comments
Did you face reduced leverage and hiked fees without any explanation from The 5%ers broker? Do you find The 5%er rules strange for getting a funded account from this prop trading firm? Has the broker closed your trade inappropriately, preventing you from making gains in the forex market? All these allegations have dominated The 5%ers review segment online. Looking at this, the WikiFX team investigated and found some startling comments against the broker. In this article, we have shared those complaints. Read on!
Original Two days ago
Inzo Broker Review 2025: A Complete Look at Features, Costs and User Claims
Inzo Broker presents itself as a modern forex and CFD broker, started in 2021 and registered in Saint Vincent and the Grenadines. At first glance, it offers an attractive package for traders: access to the popular MetaTrader 5 (MT5) and cTrader platforms, different types of accounts for various budget levels, and a wide selection of assets to trade. These features are made to attract both new and experienced traders. However, a closer look shows a big difference between these advertised benefits and the real risks. The broker works under an offshore regulatory system, which gives limited protection to investors. More importantly, Inzo has collected many serious user complaints, especially about withdrawing funds and changing trading conditions unfairly. This mix of weak oversight and serious user claims creates a high-risk situation that potential clients must carefully think about. This review will break down these parts to give a clear, fact-based view.
Original Two days ago
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