BlockFi Settles With SEC for $100,000,000
The U.S. Securities and Exchange Commission (SEC) filed suit against BlockFi for selling an unregistered yield product called a BlockFi Interest Account (BIA). The company accepted cryptocurrency from investors in exchange for a promise to provide variable monthly interest payments. (Cease and Desist Order) BlockFi has agreed to settle the case for $100,000,000, and agreed to cease its unregistered offers and sales of the lending product, BlockFi Interest Accounts (BIAs), and attempt to bring its business within the provisions of the Investment Company Act within 60 days. (SEC Press Release)