BlockFi has reached a settlement of a total of $100 million with the US Securities and Exchange Commission (SEC) and other state regulators who are investigating the crypto lender for illegally offering cryptocurrency lending products to Americans, Bloomberg reported.
Out of the total settlement proceeds, $50 million will go to the SEC, while the rest will be distributed among several state regulators of New Jersey, Texas, Kentucky, Alabama and Vermont, the anonymous sources of the publication revealed. The official announcement of the settlement is expected to come out this week.
Some of these financial market regulators even issued cease-and-desist orders against BlockFi.
