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BlockFi to Pay $100 Million for Settlement with SEC and States
Abstract：BlockFi has reached a settlement of a total of $100 million with the US Securities and Exchange Commission (SEC) and other state regulators, who are investigating the crypto lender for illegally offering cryptocurrency lending products to Americans, Bloomberg reported.
The platform will pay $50 million to the SEC and the rest to state regulators.
It cannot open new accounts for most Americans.
Out of the total settlement proceeds, $50 million will go to the SEC, while the rest will be distributed among several state regulators of New Jersey, Texas, Kentucky, Alabama and Vermont, the anonymous sources of the publication revealed. The official announcement of the settlement is expected to come out this week.
Some of these financial market regulators even issued cease-and-desist orders against BlockFi.
Though the crypto platform will also have to stop opening new accounts under the settlement agreements, it will not impact the existing clients.
The Business of Crypto Lending
BlockFi allows retail users to lend their cryptocurrencies for yields as high as 9.5 percent. The company executives earlier explained that it is able to offer such a high yield as institutional investors are even ready to offer even higher interests against their crypto borrowings.
But, the companys business remains unregulated that raised eyebrows of many American regulatory agencies over the recent months. The platform is facing regulatory scrutiny since at least November 2021.
“We have been in productive ongoing dialogue with regulators at the federal and state level. We do not comment on market rumors,” a BlockFi spokesperson told media when commenting on reports of the settlement. “We can confirm that clients assets are safeguarded on the BlockFi platform and BlockFi Interest Account clients will continue to earn crypto interest as they always have.”
Apart from BlockFi, other crypto lending platforms in the United States are also facing regulatory scrutiny. Several state regulators took the lead in taking action against the crypto lending schemes. The SEC is also reportedly probing Celsius Network, Voyager Digital and Gemini Trust.
Meanwhile, BlockFi recently received a license in Bermuda that will help the companys global expansion push.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Amillex Broker Login and Account Setup Guide 2025
You are here because you need clear instructions for the Amillex Broker login process or want to open a new Amillex Broker account. This guide is your complete resource. We provide a direct, step-by-step walkthrough for both new and existing traders. Our goal is to give you the exact information needed to access your account or get started with the platform safely and confidently. This complete manual covers everything from your first login to using your user dashboard and even setting up a practice account.
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Top Tips to Avoid Forex Margin Calls and Protect Your Capital
While technical indicators or chart patterns often capture the attention of forex traders, especially new ones, aspects such as margin requirements, equity, used margin, free margin, and margin levels are often overlooked. So, if you have received a margin call from your forex broker and are wondering how to deal with it, you probably do not know the concept of a forex margin call - what triggers it and how to avoid it. Being unaware of this concept can make you lose your hard-earned capital. In this article, we will provide you with all the information you need to know. Keep reading!
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WikiFX Golden Insight Award uniting industry forces to build a safe and healthy forex ecosystem, driving industry innovation and sustainable development, launches a new feature series — “Voices of the Golden Insight Awards Jury.” Through in-depth conversations with distinguished judges, this series explores the evolving landscape of the forex industry and the shared mission to promote innovation, ethics, and sustainability.
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Want to gain a wider forex market position control by investing a minimal amount? Consider using leverage in forex. It implies using borrowed funds to raise your trading position more than your cash balance can let you do it. Forex traders usually employ leverage to churn out profits from relatively small currency pair price changes. However, there is a double-edged sword with leverage since it can multiply profits as well as losses. Therefore, using leverage in the right amount is key for traders. Forex market leverage can be 50:1 to 100:1 or more, which remains significantly greater than the 2: leverage usually offered in equities and 15:1 leverage in futures.
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