SEC Fines BlockFI $100 Million…


02/14/2022 11:11 AM EST

The Securities and Exchange Commission and 32 states said Monday that cryptocurrency startup BlockFi will pay $100 million to settle charges that it operated an illegal lending business, in what officials called a first-of-its-kind crackdown in digital asset trading.

The SEC said its $50 million piece of the settlement was the agency’s biggest penalty yet against the fast-growing cryptocurrency industry, which is the subject of growing scrutiny from lawmakers and regulators. The SEC announced the settlement the morning after a Super Bowl broadcast that was chockablock with expensive ads for crypto exchanges and trading platforms.