New Crypto Accounts Paying Interest: Crypto.com, Gemini.com, etc.; Not BlockFi

  • New Crypto Accounts Paying Interest: Crypto.com, Gemini.com, etc.; Not BlockFi

    Posted by bookauthor on February 17, 2022 at 5:39 pm

    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.

    • This discussion was modified 6 months ago by  bookauthor.
    bookauthor replied 5 months, 2 weeks ago 2 Members · 2 Replies
  • 2 Replies
  • Sumpter

    Member
    February 18, 2022 at 11:59 am

    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%.

    https://www.axios.com/sec-ratchets-up-crypto-crackdown-blockfi-settlement-d030fdf9-a46f-4d8a-94f5-9932c3b89d51.html

  • bookauthor

    Organizer
    March 7, 2022 at 5:46 pm

    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