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California Finance Regulator Moves to Suspend Crypto Lender Salt’s License
Salt announced on Tuesday it was pausing customer withdrawals due to the impact of FTX’s collapse.
California's Department of Financial Protection and Innovation (DFPI) said Wednesday it was moving to suspend Salt’s license for 30 days as the regulator investigates the crypto lender’s decision this week to pause client withdrawals.
On Tuesday, Salt announced it was pausing client withdrawals and deposits due to the impact of the collapse of crypto exchange FTX.
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Also on Tuesday, online investing platform Bnk To The Future said it had terminated its previously announced non-binding letter of intent to acquire Salt due to the latter’s FTX exposure.
The DFPI took a similar action to suspend the license of crypto lender BlockFi last week for also halting withdrawals due to FTX’s collapse. The department said it is also separately investigating FTX.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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