United States of America: Ordered penalty and registration to BlockFi LLC
Description
Ordered penalty and registration to BlockFi LLC
On 8 June 2022, the Iowa Insurance Commissioner issued a consent order against BlockFi Lending LLC (BlockFi) with a penalty of over USD 943 000 for failing to register its financial product BlockFi Interest Accounts. In addition, the consent order notes that BlockFi made misrepresentations and omissions about the level of risk in its loan. The consent order is part of the conclusion of a broader multi-state investigation, including the U.S. Securities and Exchange Commissioner (SEC) and 53 state securities regulators.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body
Complete timeline of this policy change
Hide details
2021-07-21
under deliberation
2022-02-14
in force