Just several weeks after having to pay a $1 million penalty in Iowa, BlockFi received a money service license in the state.
The new license comes barely two weeks after the Iowa Insurance Division
the crypto lender to cease operation and pay $943,000 for violating the securities law in the jurisdiction. According to the report, BlockFi offered a securities trading platform to Iowan residents without registering it with the appropriate authorities.with the United States Securities and Exchange Commission and other regulators in 32 states. The crypto lender was ordered to pay $50 million to the SEC and the remainder to securities regulators in each jurisdiction.
BlockFi said it was able to increase its APY amid the bear market because of effective risk management, decreasing market competition, and a changing macro yield environment.to acquire a stake in the crypto lending company. Sources familiar with the matter said both firms are still negotiating the deal.
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