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26 July 2021

Alabama Says BlockFi Sold Unregistered Securities | Crypto Briefing

Alabama Says BlockFi Sold Unregistered Securities | Crypto Briefing


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Cryptocurrency lending firm BlockFi has received a Show Cause Order from Alabama over allegations of offering unregistered securities.

Joseph Borg, director of Alabama Securities Commission (ASC) sent a Show Cause Order to BlockFi Wednesday, alleging the firm had violated the state’s securities law.

The document alleged that the company has funded its business operations by selling lending products like BlockFi Interest Accounts (BIAs), which constitutes an unregistered securities offering according to ASC regulations.

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