BlockFi received a license in the state of Iowa

BlockFi received a license in the state of Iowa

BlockFi licensed in Iowa

BlockFi crypto lending platform received a financial services license in the state of Iowa (USA).

“Iowans can now trade stablecoins on our platform and transfer funds instantly via ACH,” the post reads.

On June 14, a local regulator fined BlockFi more than $943,000 for violating the law. According to the authorities, the platform “offered and sold securities in Iowa that were not registered or authorized for sale,” and also did not have a broker-dealer or agent license.

The firm had previously faced regulatory problems at the state level. Claims against it appeared with the supervisory authorities of New Jersey, Alabama and Vermont.

In November 2021, the media reported that the US Securities and Exchange Commission (SEC) had initiated an investigation into BlockFi. Later it became known that the company settled the conflict with the SEC and state regulators, agreeing to pay $100 million in fines.

Recall, on June 21, BlockFi signed a letter of intent with the FTX cryptocurrency exchange regarding obtaining a revolving line of credit for $250 million

According to some reports, Morgan Creek Digital became interested in a controlling stake in the platform.

In early June, the media reported that BlockFi was preparing to close a new round of financing at a valuation of $1 billion instead of the previously planned $5 billion. In the same month, CEO Zak Prince announced a staff cut of about 20%.

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