California revokes the lending license of bankrupt cryptocurrency lending platform BlockFi.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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