ICYMI: BlockFi faces $100 million in penalties over crypto interest accounts: report
Bloomberg News reported late Friday that the crypto lending platform BlockFi will pay $100 million to settle investigations into its interest-generating accounts, which last year drew public scrutiny from state-level securities regulators in the US.
Citing sources with knowledge of the process, the news outlet said that $50 million would be paid to the Securities and Exchange Commission and an additional $50 million to state regulators. An announcement is pending and may come"as soon as next week," per Bloomberg.
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