BlockFi fined $100 million by the the U.S. Securities and Exchange Commission

BlockFi fined $100 million by the the U.S. Securities and Exchange Commission

BlockFi fined $100 million by the the U.S. Securities and Exchange Commission
BlockFi fined $100 million by the the U.S. Securities and Exchange Commission

The US Securities and Exchange Commission (SEC) has filed a lawsuit against the cryptocurrency lending company BlockFi for failing to register its high-profit accounts, which are considered by the US Securities and Exchange Commission. According to the agency, BlockFi will pay $50 million to the US Securities and Exchange Commission and another $50 million to 32 U.S. states that have made similar allegations against the BlockFi. The fine is one of the largest penalties ever imposed on a cryptocurrency service provider by a US federal agency.

BlockFi has also agreed to completely stop new customers from entering its Interest Account service and to try to bring the service into line with the 1940 Investment Companies Act within the next 60 days.

 

 

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