Crypto lending firm BlockFi is set to pay $100 million to settle allegations by the U.S. Securities and Exchange Commission and state regulators that it illegally offered a product that paid customers High interest to lend out its digital tokens.
The penalties, which could be announced as early as next week, are among the toughest to be imposed on cryptocurrency companies amid a U.S. crackdown on the cryptocurrency industry.
The SEC and state investigators have been investigating whether the accounts offered by BlockFi resemble securities that should be registered with regulators. It is reported that BlockFi will pay a fine of $50 million to the SEC and another $50 million to states.
A spokesman for the SEC declined to comment.
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