California Finance Regulator Revokes BlockFi's Lending License

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NEW: California's finance regulator CaliforniaDFPI has moved to suspend crypto lender BlockFi's lending license in the state. nikhileshde reports

California's Department of Financial Protection and Innovation announced it was moving to suspend BlockFi's lending license Friday as it investigates the crypto lender.

According to a DFPI press release, the move comes in response to BlockFi halting withdrawals. The lender did this on Thursday night, citing a lack of clarity around FTX. FTX US had extended a $400 million line of credit to BlockFi earlier this year.

, FTX US and Alameda.' The DFPI is investigating BlockFi’s compliance with the laws within the Commissioner’s jurisdiction, including the California Financing Law. The DFPI is also investigating FTX," DFPI said.on Friday morning, after days of speculation that it might be insolvent. FTX CEO Sam Bankman-Fried, who also resigned on Friday, had previously said that FTX had"liquidity" issues but that assets were"fine" prior to filing for bankruptcy.

"BlockFi reports to the DFPI that it has ceased offering loans in California and asks clients not deposit to the BlockFi Wallet or its interest accounts," DFPI's release said.

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