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BlockFi to Pay SEC, State Regulators $100M in Penalties

An expensive penalty for not disclosing their business to the proper authority.

The U.S. Securities and Exchange Commission has confirmed that BlockFi, a cryptocurrency lending platform based in Jersey City, N.J., has been charged with failing to register its lending product and violating registration provisions. To settle the SEC’s charges, it will pay a $50 million penalty, cease unregistered offers and sales of the product, and comply with the law within 60 days.

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