The California Department of Financial Protection and Innovation (DFPI) permanently revoked the lending license of the cryptocurrency lending platform BlockFi. The company filed for bankruptcy two years ago, and the DFPI suspended its license in November 2022. DFPI conducted a comprehensive review of BlockFi before making the decision.
BlockFi agreed to accept the license revocation and pledged to stop any violations and unsafe business practices. The DFPI originally imposed a fine of US$175,000 on BlockFi, but it waived the fine since the company was no longer in operation.
