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California revokes the lending license of bankrupt cryptocurrency lending platform BlockFi.

California revokes the lending license of bankrupt cryptocurrency lending platform BlockFi.

Bitget2024/11/08 10:33

On November 8, the California Department of Financial Protection and Innovation (DFPI) announced the permanent revocation of the lending license for BlockFi, a bankrupt cryptocurrency lending platform. This decision was made two years after BlockFi filed for bankruptcy. In November 2022, DFPI suspended BlockFi's license and subsequently conducted a comprehensive review of the company. BlockFi has agreed to accept the revocation of its license and promised to stop illegal and unsafe business practices. The DFPI originally imposed a fine of $175,000 on BlockFi but decided to waive it considering that the company is already bankrupt and no longer in operation, prioritizing consumer rights protection.

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