The post BlockFi Asks Court to Transfer “Trade-Only” Assets for User Withdrawals! appeared first on Coinpedia Fintech News
A crypto lending firm, BlockFi, has filed a court application to transfer “trade-only” assets from its users’ accounts into stablecoins with the aim of facilitating withdrawals. The move is part of the company’s efforts to return users’ funds, which began in August. BlockFi has faced regulatory scrutiny in several US states due to its high-yield crypto accounts, leading to withdrawals being banned in New Jersey in July. The firm has since scaled back its offering and is seeking to resolve the issues through dialogue with regulators.