As part of the increasing crackdowns on crypto lending services, BlockFi announced on February 14th that it has agreed to pay a $100 million settlement to the U.S. Securities and Exchange Commission and 32 states.
The DeFi protocol, which is backed by American billionaire, entrepreneur, and venture capitalist, Peter Thiel, will pay $50 million to the SEC, and a further $50 million to the regulators of the affected states.
In November 2021, the SEC alleged that BlockFi, a crypto lending service, offered unregistered securities on its interest accounts, through which users could receive yields as high as 9.25% on Bitcoin, Ethereum, and Tether.
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