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Reuters

Crypto firm BlockFi to pay $100 million to settle U.S. SEC, state charges

WASHINGTON (Reuters) -A subsidiary of crypto company BlockFi Inc has agreed to pay $100 million to the U.S. Securities and Exchange Commission (SEC) and 32 states to settle charges in connection with a retail crypto lending product the New Jersey company offered to nearly 600,000 investors, regulators said on Monday. The penalty includes $50 million to the state regulators and $50 million to the SEC, the largest ever fine the federal securities watchdog has levied on an issuer of crypto asset securities, the SEC said. The North American Securities Administrators Association, which led a multi-state working group on the investigation, said in a separate statement that more jurisdictions are expected to follow.

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