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Home News

California Regulator Permanently Revokes BlockFi’s License Over Violations

8 November 2024
in News, Regulation
Reading Time: 4 mins read
107 2
California Regulator Permanently Revokes BlockFi’s License Over Violations

Source: Gizmodo

The California Department of Financial Protection and Innovation (DFPI) announced on November 7 that it has permanently revoked the operating license of the bankrupt cryptocurrency lender BlockFi, citing continued violations of the California Financing Law (CFL) and unsafe business practices.

According to the DFPI, BlockFi agreed to the license revocation as part of a settlement and committed to halting all unsafe practices and ceasing further violations.

The decision comes nearly two years after BlockFi’s initial license suspension in November 2022, following an in-depth investigation into its business practices. 

The DFPI’s investigation uncovered several regulatory breaches by BlockFi, which included neglecting to assess borrowers’ ability to repay, charging interest before loans were disbursed, failing to provide required credit counselling, and not accurately disclosing annual percentage rates on loan documents. The regulator emphasized that these actions violated state lending laws and compromised consumer protections.

DFPI Commissioner Clothilde Hewlett explained that while innovation is welcome in the financial sector, firms must still prioritize consumer protection and legal compliance.

Under the terms of the settlement, the DFPI imposed a $175,000 fine on BlockFi for its violations. However, due to BlockFi’s ongoing bankruptcy proceedings, the regulator opted to waive the fine to prioritize repayment to the firm’s clients and creditors. 

Notably, the lender negotiated a settlement with the estates of FTX and Alameda Research in March, securing $875 million in a partial recovery effort. It also announced in July 2024 that it would begin the first phase of its creditor repayment scheme that same month. 

 

Meanwhile, this development comes amid heightened scrutiny over how bankruptcy claims related to FTX are managed, with other investors also seeking clarity on their entitlements. Californian investor Nikolas Gierczyk recently filed a lawsuit against hedge fund Olympus Peak, accusing the firm of failing to honour an agreement regarding his FTX bankruptcy claim. Gierczyk alleges that Olympus Peak owes him over $1 million in excess recovery, citing creditor payout expectations of 129% to 146% under the FTX bankruptcy plan.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BlockFiCalifornia
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