- Company will pay $100 million to federal regulator and states over unregistered sale of BlockFi interest accounts
A cryptocurrency company that allowed nearly 600,000 users to earn interest by lending their holdings to other traders will pay $100 million to settle claims that its product violated investor-protection laws.
BlockFi Lending LLC, which held as much as $14.7 billion in assets at its peak last year, will pay the highest fine ever agreed to by a cryptocurrency company, Securities and Exchange Commission officials said. The settlement is the first enforcement action targeting a crypto lending platform, according to the SEC. The company neither admitted nor denied wrongdoing.
Source: Wall Street Journal