A cease and desist order was issued to BlockFi, a crypto-to-crypto exchange platform. The New Jersey Bureau of Securities alleged that the company’s business model is illegal because it does not comply with the state’s licensing requirements.
The new jersey bureau of securities blockfi is a cease and desist order that was produced by the New Jersey Bureau of Securities.
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News from the Exchange
- Cease and desist orders were issued by the New Jersey Bureau of Securities.
- It accuses BlockFi of selling consumers unregistered securities.
- Zack is adamantly opposed to the action.
BlockFi, a cryptocurrency custodian, has been ordered by the New Jersey Bureau of Securities to stop providing interest-bearing accounts in the state.
Furthermore, Forbes was the first to report the news on July 19, using an undated, unpublished draft press statement. The New Jersey Bureau of Securities is planning to issue a summary Cease and Desist order to bitcoin exchange BlockFi, according to the report.
As a result, it accuses BlockFi of selling unregistered securities to its clients. “We are simple: if you sell securities in New Jersey, you must comply with New Jersey’s securities laws,” said Attorney General Andrew J.Bruck. No one gets a free pass just because they work in the rapidly changing bitcoin market.”
As a result of the SEC and CFTC’s activities, Bitcoin and Ethereum are widely considered to be commodities. Other BlockFi subsidiaries, such as Chainlink and Uniswap, are less well-known.
Furthermore, the New Jersey Bureau of Securities has issued an order for the BlockFi platform to cease onboarding BlockFi Interest Accounts (BIA). On July 20, BlockFi’s CEO, Zack Prince, announced this.
More importantly, as Zack Prince stated,
“BlockFi has been in contact with authorities on a regular basis to assist them understand our products. Which we think are legal and acceptable for participants in the crypto market.”
Furthermore, BlockFi Interest Account (BIA) is not a security, according to Zack Prince. We strongly oppose the New Jersey Bureau of Securities’ decision.
The announcement comes almost a month after Zack Prince predicted that upcoming crypto rules will be beneficial to the sector.
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The blockfi new jersey order is a cease and desist order that the New Jersey Bureau of Securities recently produced to blockfi.
Frequently Asked Questions
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BlockFi is a company that provides cryptocurrency lending services. They are currently in beta, and the company has been working on improving their service for over two years.
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