California revokes the lending license of bankrupt crypto lending platform BlockFi

The California Department of Financial Protection and Innovation (DFPI) announced the permanent revocation of the lending license of the bankrupt cryptocurrency lending platform BlockFi. The decision came two years after BlockFi filed for bankruptcy. DFPI suspended BlockFi's license in November 2022 and has since conducted a comprehensive review of the company. BlockFi has agreed to accept the license revocation and promised to stop illegal and unsafe business practices. DFPI originally fined BlockFi $175,000, but considering that the company is bankrupt and no longer in operation, it decided to waive the fine in order to prioritize consumer rights. (Cointelegraph)