California's financial watchdog has permanently revoked BlockFi's license, two years after the crypto lender declared bankruptcy. The decision follows a thorough investigation revealing BlockFi's violations of the California Financing Law, including failing to assess borrowers' repayment ability and improperly charging interest. BlockFi agreed to the license revocation and a $175,000 fine, which was waived to prioritize consumer repayments. The company ceased its web operations in May 2024, following its financial troubles linked to the collapse of FTX. BlockFi's liabilities reportedly exceed $10 billion.