'This is the first case of its kind with respect to crypto lending platforms,' said SEC Chair Gensler. cryptocurrency bitcoin $BTC
The U.S. Securities and Exchange Commission announced Monday that crypto lending platform Blockfi has agreed to pay $100 million in penalties.
To settle the SEC’s charges, Blockfi agreed to pay a $50 million penalty and cease its unregistered offers and sales of the lending product. The company also agreed to pay an additional $50 million in fines to 32 states to settle similar charges. According to the SEC, BIAs are securities and must be registered with the Commission. Furthermore, the securities regulator said that Blockfi operated for more than 18 months as an unregistered investment company.
“Today’s settlement makes clear that crypto markets must comply with time-tested securities laws,” SEC Chair Gensler opined, elaborating:
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