California revokes lending license of bankrupt crypto lending platform BlockFi "
Online reports that California's Department of Financial Protection and Innovation (DFPI) has announced the permanent revocation of the lending license of bankrupt cryptocurrency lending platform BlockFi. The decision came two years after BlockFi filed for bankruptcy. DFPI suspended BlockFi's license in November 2022 and has since conducted a comprehensive review of the company. BlockFi has agreed to accept license revocation and promised to stop illegal and unsafe business practices. DFPI originally imposed a fine of US$175,000 on BlockFi, but considering that the company was bankrupt and no longer operating, it decided to waive the fine in order to give priority to protecting consumer rights.
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