CoinVoice has recently learned, according to Cointelegraph, that the California Department of Financial Protection and Innovation (DFPI) has permanently revoked the lending license of the bankrupt cryptocurrency lending platform BlockFi. This decision was made two years after BlockFi filed for bankruptcy. DFPI suspended BlockFi's license in November 2022 and subsequently conducted a comprehensive review of the company.
BlockFi has agreed to accept the revocation of its license and has committed to cease violations and unsafe business practices. DFPI originally imposed a $175,000 fine on BlockFi, but considering the company has declared bankruptcy and is no longer operating, it decided to waive the fine in order to prioritize consumer rights. [Original link]
