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Saturday

31 July 2021

Crypto bank BlockFi faces regulatory block in New Jersey

Crypto bank BlockFi faces regulatory block in New Jersey


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The New Jersey Bureau of Securities has filed a cease and desist order against cryptocurrency lending company BlockFi, prohibiting it from accepting new clients for the firm’s Interest Account service in the corresponding jurisdiction.

“Late Monday evening BlockFi received an order from the New Jersey Bureau of Securities regarding BlockFi Interest Account (BIA) operations in the State of New Jersey,” Prince tweeted, adding, “We remain fully operational for our existing clients in New Jersey.

BIA is not a security, and we therefore disagree with the action by the New Jersey Bureau of Securities.

Prince also argued that BlockFi Interest Account is not a security and, as such, the company disagrees “with the action by the New Jersey Bureau of Securities.”.

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