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New Jersey sends cease & desist message to BlockFi

BlockFi’s CEO Zac Prince confirmed earlier this week that the firm had received a cease and desist order from the New Jersey Bureau of Securities

According to BlockFi chief executive Zac Prince, the New Jersey Bureau of Securities (NJBoS) has demanded that the crypto lending firm stop offering interest-bearing crypto accounts to new customers. The New Jersey-based company has been offering the BlockFi Interest Account (BIA) since 2019. Prince has since revealed that the order did not affect any existing clients, and as such, all aspects of the BlockFi portfolio would remain accessible to those clients.

“We remain fully operational for our existing clients in New Jersey. All aspects of the BlockFi platform continue to be accessible to our clients in New Jersey. The order calls for BlockFi to stop accepting new BIA clients residing in New Jersey beginning July 22, 2021,” Prince disclosed.

He also reaffirmed that BlockFi remained committed to working with authorities to discuss their available products, which he labelled as being compliant and appropriate. He went ahead to clarify that the NJBoS’s assumption that BIA was a security was inaccurate, insisting that the company will continue protecting clients’ interests.

New Jersey acting Attorney General Andrew Bruck explained that the order was a result of selling unregistered securities, which violates New Jersey’s sec

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