Cryptocurrency platform BlockFi will pay $100 million to settle ongoing investigations with the US Securities and Exchange Commission and several other securities regulators.
According to Bloomberg’s report, BlockFi is ready to pay a $100 million penalty to the SEC. According to the news, which is based on anonymous sources, it was noted that the company will also stop opening new high-yield accounts for US residents. According to the news, the details of the reconciliation may come to light next week.
BlockFi spokesperson Madelyn McHugh said she would not comment on market rumors and said:
“Customers’ assets are protected on the BlockFi platform and BlockFi Interest Account customers will continue to earn crypto interest as always. We can confirm.”
BlockFi offers its customers high interest rates to lock crypto assets such as Bitcoin, Ethereum and Tether into savings accounts. The company then lends these funds at even higher rates. The SEC claimed last November that these BlockFi interest accounts, which can yield 5% to 10% returns, are unregistered securities.
If verified, this penalty will be the largest amount ever paid to the SEC by a cryptocurrency company.
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