BlockFi to Pay $100M in Fines to US Regulators

Reading Time: < 1 minute

Cryptocurrency lending platform BlockFi will pay $100M in fines to settle its dispute with the US Securities and Exchange Commission (SEC) and state financial regulators, Bloomberg reports citing informed sources.

According to the publication, the company will pay $50 million to the regulator and another $50 million to state regulators. As part of the agreement, BlockFi will not provide services related to BIA Savings Accounts to US residents.

The deal with the authorities “could be announced as early as next week.”

BlockFi has stated after the publication made by Bloomberg that BIA holders would continue to earn interest on their accounts. The statement said:

“We have a productive dialogue with regulators at the federal and state levels. We do not comment on market rumors. We can confirm that client funds are protected on the BlockFi platform and BIA holders will continue to earn crypto interest as before.”