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BlockFi Receives Cease and Desist Order From New Jersey Attorney General
BlockFi CEO Zac Prince said his platform remains "fully operational" for its existing client base in New Jersey.
Crypto lending platform BlockFi has received an order from New Jersey's acting attorney general (AG) to halt its Interest Account (BIA) operations in the U.S. state.
STORY CONTINUES BELOW
- BlockFi CEO Zac Prince confirmed his company had received the order late Monday.
- Prince said BlockFi remains "fully operational" for its existing clients in New Jersey and that all aspects of the platform continue to be accessible for its clients in the state.
- CoinDesk contacted Prince, who declined to comment further.
- The acting AG's order requests BlockFi to stop accepting new BIA clients residing in New Jersey beginning July 22, 2021, Prince confirmed in a tweet.
- "We will continue to engage with all relevant authorities to protect our clients’ interests and ensure that our products remain available," said Prince.
Late Monday evening BlockFi received an order from the New Jersey Bureau of Securities regarding BlockFi Interest Account (BIA) operations in the State of New Jersey.
— Zac Prince (@BlockFiZac) July 20, 2021
(thread)
- Having just started the job on Monday, Acting Attorney General Andrew Bruck appears to be setting the tone of his new role.
- The order is the latest headache for the embattled lender that, in May, incorrectly deposited and then tried to reverse excessive amounts of bitcoin to users’ accounts.
- The order states that BlockFi held $14.7 billion through BIA sales as of March 31.
- BlockFi was also hit by an attacker spamming its platform with fake sign-ups and abusive language in March.
Read more: BlockFi Rate Cut on Bitcoin Deposits Leaves Rivals Scratching Heads
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
