As per the latest report from Forbes on Monday, July 19, BlockFi – the multi-billion dollar Bitcoin (BTC) financial services provider – has received a cease and desist order from the New Jersey Attorney General (NYAG).
The Bureau of Securities operating under NYAG is likely to ask BlockFi to stop interest-bearing accounts. The same has been confirmed by BlockFi CEO Zac Prince in a series of tweets. He notes that BlockFi continues to remain fully operational to its clients and all aspects of the platform “are accessible in New Jersey”.
However, the order calls BlockFi to stop accepting new BIA clients residing in New Jersey starting ahead of this week from July 22. Affirming his clients about BlockFi’s clean operations, Zac Prince notes:
“BlockFi is engaged in an ongoing dialogue with regulators to help them understand our products, which we believe are lawful and appropriate for crypto market participants. BIA is not a security, and we therefore disagree with the action by the New Jersey Bureau of Securities.
We will continue to engage with all relevant authorities to protect our clients’ interests and ensure that our products remain available.”
The story is developing further….
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