SEC hits BlockFi with a $100 million penalty, gives 60 days to comply with a 1940 law
New Jersey-based BlockFi will pay $50 million in settlement to the SEC and another $50 million to 32 U.S. states that brought similar charges. The firm also agreed to stop onboarding new customers to the unregistered service, BlockFi Interest Accounts, and attempt to bring it into compliance with the Investment Company Act of 1940 within the next 60 days.
According to a January report, the SEC was investigating products similar to BlockFi Interest Accounts offered by Gemini, Celsius Network and Voyager Digital to determine whether these offerings constituted securities.
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