Crypto platform BlockFi to pay $100 million in fines
The entire amount will be used to settle disputes with US regulators
14.02.2022 - 09:15
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What’s new? As Bloomberg reports, BlockFi, a crypto lending platform, has managed to reach a settlement with US regulators to continue its operations. In this, the company will have to pay $100 million in fines for the operational irregularities found.
News source on the Bloomberg website
What arrangements have been made? As part of the settlement, BlockFi will pay $50 million to the US Securities and Exchange Commission (SEC). The other $50 million will go towards fines for local regulators of various US states.
In addition, BlockFi will not provide a number of financial services to US citizens, in particular, the opening of the new BIA savings accounts. As for current customers, the company stressed that all funds are protected and interest is accrued on them.
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