The New Jersey Bureau of Securities has ordered financial services platform BlockFi to stop accepting and offering customers of interest-bearing accounts.
Digital currency platform BlockFi’s dismissal of the brushback pitch thrown by New Jersey regulators could have major ramifications for company execs and those who helped promote unregistered securities.
BlockFi, the popular cryptocurrency lending and borrowing platform, has been issued a cease and desist order by NJ's Attorney General.
Over five digital currency companies have expressed interest in going public–experts warn that both equities and digital currency are in a bubble.
BlockFi has just closed a $50 million series C fundraising round that gave the company a valuation of roughly $400 million.
The hacker gained access to its data by conducting a SIM swap attack on a BlockFi employee, according to the company.
BlockFi has integrated support for fiat currencies, allowing clients, both domestic and global to purchase as little as $10 worth of crypto and earn interest.
BlockFi has continued to thrive in the nascent cryptocurrency lending market, and according to its chief compliance officer, it’s just getting started.
Cryptocurrency lending company BlockFi becomes the first in crypto to be eligible to offer interest bearing accounts for Washington state residents.
BlockFi said it has brought in $18 million worth of Bitcoin Core (BTC) and ETH deposits since March. The total amount held in interest-paying accounts now stands at $53 million.
The company's new cryptocurrency interest-earning accounts originally would pay 6.2% APY on an annual monthly interest rate of 6%.
In a move that is expected to change the cryptocurrency market, BlockFi announced on Tuesday that they would be providing new interest earning accounts beginning today
