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BlockFi to Pay Record Penalty to Settle SEC Probe of Crypto Lending Activity


WASHINGTON — A cryptocurrency company that allowed nearly 600,000 users to earn interest by lending their holdings to other traders will pay $100 million to settle claims that its product violated privacy laws investors.

BlockFi Lending LLC, which held up to $14.7 billion in assets at its peak last year, will pay the highest fine ever accepted by a cryptocurrency firm, Securities officials have said. and Exchange Commission. The settlement is the first enforcement action targeting a crypto lending platform, according to the SEC. The company neither admitted nor denied wrongdoing.

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