BlockFi Announces Receiving Money Services License in Iowa

BlockFi, a cryptocurrency lending platform, declared on June 28 that it had been granted a Money Services License in Iowa, just two weeks after being penalized by Iowa regulators for marketing and selling unregistered securities. The crypto lender can buy and sell payment instruments in Iowa, thanks to the state’s license. BlockFi announced on Twitter that it would start by enabling stablecoin trading for citizens of Iowa. We're excited to announce that we’ve received our Money Services License in Iowa. Iowa residents can now trade stablecoins on our platform and instantly transfer funds via ACH. pic.twitter.com/sNEFIlCeWY — BlockFi (@BlockFi) June 28, 2022 BlockFi Fined For Violations of the State’s Securities Act BlockFi was previously penalized more than $943,000 for violations of the state’s Securities Act on June 14 by the Iowa Insurance Division (IID), which oversees securities transactions in the state. Moreover, failing to register as a broker-dealer or agent, IID said BlockFi had “offered and sold securities in Iowa that were neither registered nor permitted for sale in Iowa.” The United States Securities and Exchange Commission (SEC) levied hefty penalties in February for failing to register an offering of high-yield interest accounts that it believed to be securities. One of the highest fines ever levied against a crypto company by a federal agency. BlockFi Fine Settlement BlockFi slams with settlements totaling $10...