The California Department of Financial Protection and Innovation (DFPI) has announced the permanent revocation of the lending license of bankrupt cryptocurrency lending platform BlockFi. The decision comes two years after BlockFi filed for bankruptcy. The DFPI suspended BlockFi's license in November 2022 and has since conducted a comprehensive review of the company.
BlockFi has agreed to accept the license revocation and has promised to stop illegal and unsafe business practices. The DFPI originally fined BlockFi $175,000, but considering that the company is bankrupt and no longer operating, it decided to exempt the fine in order to prioritize the protection of consumer rights.
California revokes the lending license of bankrupt crypto lending platform BlockFi
2024-11-08 10:21:10
California Department of Finance Conservation Innovation DFPI declared permanent revoked bankruptdesk3cryptocurrencydesktopCrypto News
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