{"id":63690,"date":"2022-06-29T17:52:31","date_gmt":"2022-06-29T14:52:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63690"},"modified":"2025-09-06T10:23:16","modified_gmt":"2025-09-06T07:23:16","slug":"blockfi-secures-license-in-iowa","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/blockfi-secures-license-in-iowa\/","title":{"rendered":"BlockFi secures license in Iowa"},"content":{"rendered":"<p>The crypto lending platform BlockFi has obtained a license to provide financial services in the state of Iowa (United States).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We&#8217;re excited to announce that we\u2019ve received our Money Services License in Iowa.<\/p>\n<p>Iowa residents can now trade stablecoins on our platform and instantly transfer funds via ACH. <a href=\"https:\/\/t.co\/sNEFIlCeWY\">pic.twitter.com\/sNEFIlCeWY<\/a><\/p>\n<p>\u2014 BlockFi (@BlockFi) <a href=\"https:\/\/twitter.com\/BlockFi\/status\/1541787388778844160?ref_src=twsrc%5Etfw\">June 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cNow Iowa residents can trade stablecoins on our platform and instantly transfer funds via <span data-descr=\"Automated Clearing House (ACH)\" class=\"old_tooltip\">ACH<\/span>,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>On June 14, a local regulator <a href=\"https:\/\/iid.iowa.gov\/press-releases\/blockfi-ordered-to-pay-more-than-943000-in-iowa-for-failing-to-register-securities\">fined<\/a> BlockFi more than $943,000 for violations of the law. Authorities said the platform \u201coffered and sold securities in Iowa that were not registered or permitted for sale,\u201d and also did not have a broker-dealer or agent license.<\/p>\n<p>Prior to this, the firm had regulatory problems at the state level. Complaints were raised by regulators in <a href=\"https:\/\/u1f987.com\/en\/news\/new-jersey-regulator-delays-september-start-of-blockfi-ban-on-new-bia-accounts\">New Jersey<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/alabama-regulator-accuses-blockfi-of-selling-unregistered-securities\">Alabama<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/vermont-regulators-launch-probe-into-blockfis-activities\">Vermont<\/a>.<\/p>\n<p>In November 2021, reports surfaced that the U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-sec-opens-investigation-into-blockfi\">initiated an investigation<\/a> into BlockFi. It later emerged that the company settled the dispute with the SEC and state regulators, agreeing to <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-blockfi-to-pay-100-million-in-fines-to-us-regulators\">pay $100 million in penalties<\/a>.<\/p>\n<p>On June 21, BlockFi signed a memorandum of understanding with the cryptocurrency exchange FTX regarding a <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-to-provide-blockfi-with-a-250-million-revolving-credit-facility\">a $250 million revolving credit line<\/a>.<\/p>\n<p>According to some reports, Morgan Creek Digital <a href=\"https:\/\/u1f987.com\/en\/news\/morgan-creek-digital-plans-to-acquire-controlling-stake-in-blockfi\">has taken an interest in a controlling stake in the platform<\/a>.<\/p>\n<p>In early June, media reports stated that BlockFi was preparing <a href=\"https:\/\/u1f987.com\/en\/news\/media-investors-trim-blockfi-valuation-from-5-billion-to-1-billion\">to close a new round of financing<\/a> at a $1 billion valuation, instead of the previously planned $5 billion<\/a>. In the same month, CEO Zac Prince<a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-to-lay-off-a-fifth-of-its-workforce\"> announced a workforce reduction of about 20%<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto lending platform BlockFi has obtained a license to provide financial services in the state of Iowa, United States.<\/p>\n","protected":false},"author":1,"featured_media":63691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1436,36,26],"class_list":["post-63690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockfi","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63690"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63690\/revisions"}],"predecessor-version":[{"id":63692,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63690\/revisions\/63692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63691"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}