Global Broker Regulation Inquiry App
WikiFX
English
简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
BlockFi to Pay $100 Million for Settlement with SEC and States
Abstract：BlockFi has reached a settlement of a total of $100 million with the US Securities and Exchange Commission (SEC) and other state regulators, who are investigating the crypto lender for illegally offering cryptocurrency lending products to Americans, Bloomberg reported.
The platform will pay $50 million to the SEC and the rest to state regulators.
It cannot open new accounts for most Americans.
Out of the total settlement proceeds, $50 million will go to the SEC, while the rest will be distributed among several state regulators of New Jersey, Texas, Kentucky, Alabama and Vermont, the anonymous sources of the publication revealed. The official announcement of the settlement is expected to come out this week.
Some of these financial market regulators even issued cease-and-desist orders against BlockFi.
Though the crypto platform will also have to stop opening new accounts under the settlement agreements, it will not impact the existing clients.
The Business of Crypto Lending
BlockFi allows retail users to lend their cryptocurrencies for yields as high as 9.5 percent. The company executives earlier explained that it is able to offer such a high yield as institutional investors are even ready to offer even higher interests against their crypto borrowings.
But, the companys business remains unregulated that raised eyebrows of many American regulatory agencies over the recent months. The platform is facing regulatory scrutiny since at least November 2021.
“We have been in productive ongoing dialogue with regulators at the federal and state level. We do not comment on market rumors,” a BlockFi spokesperson told media when commenting on reports of the settlement. “We can confirm that clients assets are safeguarded on the BlockFi platform and BlockFi Interest Account clients will continue to earn crypto interest as they always have.”
Apart from BlockFi, other crypto lending platforms in the United States are also facing regulatory scrutiny. Several state regulators took the lead in taking action against the crypto lending schemes. The SEC is also reportedly probing Celsius Network, Voyager Digital and Gemini Trust.
Meanwhile, BlockFi recently received a license in Bermuda that will help the companys global expansion push.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Read more
Uniglobe Markets Bonus Review: Understanding the Offers and Uncovering the Risks
Many traders start looking for a new broker by searching for special deals and bonuses. The phrase "Uniglobe Markets no deposit bonus" is something people often search for. Let's address this question clearly and directly. Based on all the information we have, Uniglobe Markets does not currently offer a no-deposit bonus. Instead, this broker focuses on bonuses that require you to deposit your own money first. To get any bonus credits, traders must put in their own capital. Read on to learn how this entire bonus works out for traders.
Original 1h
PINAKINE Broker India Review 2025: A Complete Guide to Safety and Services
As online trading grows in popularity, Indian traders are always looking for brokers that offer good deals and fair conditions. PINAKINE has become one of these companies, getting attention by promising high leverage and many different account options. This broker, officially called Pinakine Liquidity Limited, has been operating for about one to two years and has made many people curious. Traders want to know the answer to the most important question: Is PINAKINE a real and safe place to invest money, or are there hidden dangers behind its attractive offers? Read on to know the answer.
Original 1h
Amillex Broker Login and Account Setup Guide 2025
You are here because you need clear instructions for the Amillex Broker login process or want to open a new Amillex Broker account. This guide is your complete resource. We provide a direct, step-by-step walkthrough for both new and existing traders. Our goal is to give you the exact information needed to access your account or get started with the platform safely and confidently. This complete manual covers everything from your first login to using your user dashboard and even setting up a practice account.
Original In a week
Top Tips to Avoid Forex Margin Calls and Protect Your Capital
While technical indicators or chart patterns often capture the attention of forex traders, especially new ones, aspects such as margin requirements, equity, used margin, free margin, and margin levels are often overlooked. So, if you have received a margin call from your forex broker and are wondering how to deal with it, you probably do not know the concept of a forex margin call - what triggers it and how to avoid it. Being unaware of this concept can make you lose your hard-earned capital. In this article, we will provide you with all the information you need to know. Keep reading!
Original 10-27
WikiFX Broker
Latest News
Is Nash Markets Regulated or Risk? Truth About Nash Markets’ License & Withdrawal Issues
WikiFXWebull Widens Crypto Futures with Coinbase Derivatives
WikiFXLatest FCA Daily Alerts and Consumer Warnings for 2025
WikiFXCySEC Blocks Certification Access to Combat Advisor Impersonation
WikiFXAngel one 2025 Review & Complaints
WikiFXExclusive Markets Under the Scanner: Traders Report High Swap Charges, Deposit Discrepancies & More
WikiFXVoices of the Golden Insight Award Jury - Simon So, Chief Experience Officer of Hantec Financial
WikiFXPINAKINE Broker Review: A Complete Look at Its Services and Risks
WikiFXPinched By Penny Shortage, US Retailers Beg Congress To Step In
WikiFXPINAKINE Broker India Review 2025: A Complete Guide to Safety and Services
WikiFXCurrency Calculator
USD
CNY
Current Rate: 0
Amount
USD
Available
CNY
Calculate