TechFlow news — On November 8, according to Cointelegraph, the California Department of Financial Protection and Innovation (DFPI) announced the permanent revocation of lending licenses for BlockFi, a now-bankrupt cryptocurrency lending platform. The decision comes two years after BlockFi filed for bankruptcy. The DFPI initially suspended BlockFi's license in November 2022 and has since conducted a comprehensive review of the company.
BlockFi has agreed to accept the license revocation and committed to ceasing its unlawful and unsafe business practices. While the DFPI originally proposed a $175,000 penalty against BlockFi, it decided to waive the fine considering the company’s bankruptcy status and cessation of operations, prioritizing consumer protection.
