Celsius Rival BlockFi to Pay $1 Million to Iowa for Selling Unregistered Securities
Celsius isn’t the only decentralized finance (DeFi) lending platform having a bad week; yesterday, competitor BlockFi was asked to pay a $943,396.22 fine from the state of Iowa’s Insurance Division Fines (IID) for selling unregistered securities
Regulators previously determined that BlockFi has to pay out $50 million to the SEC and up to $50 million for each jurisdiction. Iowa Insurance Commissioner Doug Ommen said in a statement: “While innovations, like cryptocurrencies, may provide for growth and evolution in the financial system, it is important that regulators ensure this occurs within an appropriate framework that protects investors while still facilitating responsible capital formation.”
Source
@CryptoWorldICOs
