Blockfi Ordered to Stop Offering Interest-Bearing Crypto Accounts in New Jersey

Blockfi Ordered to Stop Offering Interest-Bearing Crypto Accounts in New Jersey


On July 19, the CEO of the crypto financial services firm Blockfi, Zac Prince, told the public that the New Jersey Bureau of Securities has told the company to “stop accepting new BIA clients residing in New Jersey beginning July 22, 2021.” New Jersey’s acting attorney general Andrew Bruck also tweeted about the issue and said “we’ve been closely monitoring activity involving cryptocurrencies for compliance.”

New Jersey’s Bureau of Securities Cracks Down on Crypto On Monday, an unpublished draft of a cease and desist order was discovered by the Forbes staff writer Michael del Castillo. The order was sent to the crypto-financial services firm Blockfi, a company that provides users with interest-bearing crypto accounts and crypto debit cards. The same day, Blockfi’s CEO Zac Prince confirmed the cease and desist order from the New Jersey Bureau of Securities (NJBoS) was real. “Late Monday evening Blockfi received an order from the New Jersey Bureau of Securities regarding Blockfi Interest

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