{"id":10690,"date":"2021-09-22T21:19:24","date_gmt":"2021-09-22T20:19:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=10690"},"modified":"2021-09-22T21:21:13","modified_gmt":"2021-09-22T20:21:13","slug":"new-jersey-postpones-effective-date-of-cease-and-desist-order-for-blockfi-until-december","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/new-jersey-postpones-effective-date-of-cease-and-desist-order-for-blockfi-until-december\/","title":{"rendered":"New Jersey postpones effective date of cease-and-desist order for BlockFi until December"},"content":{"rendered":"\n
An extension to a New Jersey cease-and-desist order for new interest accounts at crypto lender BlockFi <\/a>will take effect on December 1, according to a statement released by the company on Wednesday.<\/h5>\n\n\n\n
\"New<\/figure>\n\n\n\n

According to BlockFi\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the New Jersey Bureau of Securities has approved the third extension of its cease-and-desist order, marking the third time the agency has done so. <\/p>\n\n\n\n

This was the first in a series of orders issued by state securities regulators against the New Jersey-based company in connection with its offerings, and it was initially issued back in July. In the absence of support from the FDIC, the interest accounts offered by BlockFi <\/a>fall under the definition of a security, claim the authorities.<\/p>\n\n\n\n

“The order, which calls for preventing the creation of all new [BlockFi Interest Accounts], is not presently in effect and therefore has no impact on our current BIA clients or any of our other products. All existing BIA clients<\/a>, in New Jersey and worldwide, continue to have access to their accounts. All other products, services and assets on the BlockFi platform are unaffected,” the firm said Wednesday.<\/p><\/blockquote>\n\n\n\n

As a result, the issue of cryptocurrency lending and interest accounts has grown exponentially. Similar legal actions against BlockFi competitor Celsius have recently been initiated in New Jersey, Texas, and Alabama.<\/p>\n\n\n\n

Federal regulators have been less active, but contacts between the SEC <\/a>and cryptocurrency exchange Coinbase appear to have put a halt to the latter's nascent Lend service, which would have paid interest on USDC holdings if they had been taken advantage of.<\/p>\n","protected":false},"excerpt":{"rendered":"

An extension to a New Jersey cease-and-desist order for new interest accounts at crypto lender BlockFi will take effect on December 1, according to a statement released by the company on Wednesday. According to BlockFi , the New Jersey Bureau of Securities has approved the third extension of its cease-and-desist order, marking the third time […]<\/p>\n","protected":false},"author":13,"featured_media":10695,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1553,4463,143],"class_list":["post-10690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockfi","tag-new-jersey","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/image-228.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=10690"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10695"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=10690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=10690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=10690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}