BlockFi settles with the SEC for $30 million due to early enforcement actions

ChainCatcher news, according to the bankruptcy filing of the crypto lending platform BlockFi, which filed for bankruptcy on Monday, BlockFi is required to pay a fine of $50 million to the U.S. SEC in five installments based on a settlement agreement from February 2022, and to pay the full amount within two years. The company has already paid the first two installments, totaling $20 million, and still owes the SEC $30 million.

Previous report indicated that insiders revealed BlockFi is preparing to pay $100 million to settle allegations from the U.S. Securities and Exchange Commission and local regulators regarding the illegal offering of a product that provided customers with high-interest rates for lending digital tokens. (The Wall Street Journal)