🚨 Crypto Alert! 🚨

BlockFi's lending license has been permanently revoked by the California Department of Financial Protection and Innovation. This comes after BlockFi's collapse in 2022, linked to FTX's downfall.

- BlockFi failed to assess borrowers' repayment ability and charged interest prematurely.

- A $175,000 fine was imposed but waived to prioritize creditor repayments.

- BlockFi has agreed to cease harmful practices.

What are your thoughts on regulatory actions in crypto? Share in the comments! 💬