Iowa regulator orders BlockFi to pay $943K over alleged unregistered securities offering

Iowa regulator orders BlockFi to pay $943K over alleged unregistered securities offering


The Iowa Insurance Division, or IID, a regulator responsible for many securities sales in the state, has fined crypto lending firm BlockFi more than $943,000 after it allegedly offered and sold unregistered securities.

In a Tuesday announcement, the state regulator said BlockFi had “offered and sold securities in Iowa that were not registered or permitted for sale in Iowa” in addition to not being registered as a broker-dealer or agent, in violation of the state’s Securities Act. The IID ordered BlockFi to pay $943,396.22 as an administrative fine as well as to cease and desist “from making any untrue statement of material facts regarding securities.”

“While innovations, like cryptocurrencies, may provide for growth and evolution in the financial system, it is important that regulators ensure this occurs

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