According to BlockBeats, the California Department of Financial Protection and Innovation (DFPI) has permanently revoked the lending license of the bankrupt cryptocurrency lending platform BlockFi. This decision comes two years after BlockFi filed for bankruptcy. In November 2022, the DFPI had initially suspended BlockFi's license and conducted a comprehensive review of the company.

BlockFi has agreed to the revocation of its license and has committed to ceasing any unlawful and unsafe business practices. Initially, the DFPI had imposed a fine of $175,000 on BlockFi. However, considering the company's bankruptcy and cessation of operations, the department decided to waive the fine to prioritize consumer protection.