California revokes the lending license of bankrupt crypto lending platform BlockFi
the California Department of Financial Protection and Innovation (DFPI) has announced the permanent revocation of the lending license of the bankrupt cryptocurrency lending platform BlockFi. This decision was made two years after BlockFi applied for bankruptcy. DFPI suspended BlockFi's license in November 2022 and conducted a comprehensive review of the company.
BlockFi has agreed to accept the license revocation and has promised to stop violating and unsafe business practices. DFPI originally fined BlockFi $175,000, but considering that the company is bankrupt and no longer operating, it decided to waive the fine to prioritize 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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