Bitcoin
Bitcoin (BTC)
$94,880.00 -0.42523
Bitcoin price
Ethereum
Ethereum (ETH)
$3,609.69 0.39877
Ethereum price
BNB
BNB (BNB)
$648.82 2.24516
BNB price
Solana
Solana (SOL)
$225.09 -0.00397
Solana price
XRP
XRP (XRP)
$2.64 14.76192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.49967
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.61894
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.4766
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.92805
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.85861
Popcat price
Bitcoin
Bitcoin (BTC)
$94,880.00 -0.42523
Bitcoin price
Ethereum
Ethereum (ETH)
$3,609.69 0.39877
Ethereum price
BNB
BNB (BNB)
$648.82 2.24516
BNB price
Solana
Solana (SOL)
$225.09 -0.00397
Solana price
XRP
XRP (XRP)
$2.64 14.76192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.49967
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.61894
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.4766
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.92805
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.85861
Popcat price
Bitcoin
Bitcoin (BTC)
$94,880.00 -0.42523
Bitcoin price
Ethereum
Ethereum (ETH)
$3,609.69 0.39877
Ethereum price
BNB
BNB (BNB)
$648.82 2.24516
BNB price
Solana
Solana (SOL)
$225.09 -0.00397
Solana price
XRP
XRP (XRP)
$2.64 14.76192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.49967
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.61894
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.4766
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.92805
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.85861
Popcat price
Bitcoin
Bitcoin (BTC)
$94,880.00 -0.42523
Bitcoin price
Ethereum
Ethereum (ETH)
$3,609.69 0.39877
Ethereum price
BNB
BNB (BNB)
$648.82 2.24516
BNB price
Solana
Solana (SOL)
$225.09 -0.00397
Solana price
XRP
XRP (XRP)
$2.64 14.76192
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000291 1.49967
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000203 0.61894
Pepe price
Bonk
Bonk (BONK)
$0.0000423 0.4766
Bonk price
dogwifhat
dogwifhat (WIF)
$3.17 3.92805
dogwifhat price
Popcat
Popcat (POPCAT)
$1.26 8.85861
Popcat price

California permanently cuts off BlockFi’s license over bad lending practices

california-permanently-cuts-off-blockfis-license-over-bad-lending-practices
Edited by
News
California permanently cuts off BlockFi’s license over bad lending practices

The California Department of Financial Protection and Innovation has permanently revoked BlockFi’s lending license following its bankruptcy and regulatory issues.

BlockFi, a crypto lending platform, collapsed in 2022 amid financial troubles tied to the downfall of crypto exchange FTX

BlockFi had extended a $400 million credit line to FTX, and FTX’s bankruptcy had ripple effects, contributing to BlockFi’s financial instability and eventual bankruptcy filing.

BlockFi’s rocky past

The DFPI’s revocation of BlockFi’s license stems from findings that the lender breached California’s Financing Law by failing to assess borrowers’ ability to repay and charging interest before loans were issued, according to a now-deleted DFPI press release.

BlockFi also did not provide required credit counseling and inaccurately disclosed loan terms, impacting borrowers’ credit scores and ability to access future loans.

In addition to the revocation, BlockFi reached a settlement with the DFPI, agreeing to stop unsafe practices. The regulator imposed a $175,000 fine, waiving the payment to focus on creditor repayments, per the release.