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26 July 2021

BlockFi Handed Cease and Desist Order in New Jersey | Crypto Briefing

BlockFi Handed Cease and Desist Order in New Jersey | Crypto Briefing


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Crypto savings provider BlockFi has received a cease and desist order from the New Jersey Attorney General regarding the company’s BlockFi Interest Accounts. .

The firm’s CEO Zac Prince confirmed on Twitter Monday evening that the company had received a cease and desist order from the New Jersey Bureau of Securities.

According toBloomberg, a leaked draft of the cease and desist order contends that BlockFi Interest Accounts are at least partly funded through the sale of unregistered securities, violating securities laws in New Jersey.

BlockFi also asserted that its interest accounts were not securities and that the company disagrees with the Bureau’s decision. .

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