Lender BTC C adds BlockFi to the list of companies audited by state securities regulators, as we read on its crypto news today.
BlockFi is a New Jersey-based form of crypto credit and has undergone major scrutiny by state securities regulators over the summer, and Coinbase has also been hit by the US Securities and Exchange Commission. Now BTC Lender C is on the regulator’s list of targets. The New Jersey Office of Privacy has filed an injunction against the company to cease providing prime itenrest accounts to all New Jersey customers by the end of October. Today, the Texas State Securities Commission also requested and even ordered the company to hold an administrative hearing to suspend service and cancel orders that are forcing it to stop serving customers in the state. The order also states that fines and money transfers are possible remedies.
The same issue affected BlockFi, which received cease and desist orders from the New Jersey attorney general, followed by cease and desist orders from Texas, Kentucky, and Vermont. As a result, BlockFi’s market reach narrowed, and it stopped offering BlockFi interest accounts to Texas residents and had to stop in New Jersey as well.
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