Money Matters
Economics, Personal Finance and Investments.
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New Crypto Accounts Paying Interest: Crypto.com, Gemini.com, etc.; Not BlockFi
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New Crypto Accounts Paying Interest: Crypto.com, Gemini.com, etc.; Not BlockFi
BlockFi said existing customers can maintain their accounts and continue
to earn interest on their deposits but will not be able to add new
crypto to them. -
2 Replies
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According to the SEC, BlockFi misled investors about the level of risk they were taking on by lending out their crypto assets, and that they didn’t have the information they needed to make appropriate investment decisions.
- The charging document states that
approximately 24% of institutional crypto asset loans BlockFi made in
2019 were over-collateralized. In 2020, that number was 16%, and in 2021
it was 17%.
- The charging document states that
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As part of the allegations, the SEC said the Jersey City, New
Jersey-based firm had a misleading statement on multiple website posts
by stating institutional loans were “typically” over-collateralized,
when most were not.– Fortune.com
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