BlockFi Moves to Register Lending Product BlockFi Yield With SEC

TokenInsight news, BlockFi, a crypto finance firm, announced that it will file a draft registration statement with SEC for its new crypto lending product, BlockFi Yield. BlockFi said that existing U.S. BlockFi Interest Account (BIA) customers will continue to receive interest, but will not be able to add more cryptocurrency to their accounts. After the SEC completes the BlockFi Yield registration process, U.S. customers' BIAs will be converted to BlockFi Yield. Previously, the SEC accused BlockFi Interest Accounts (BIAs) of being unregistered securities and fined BlockFi $100 million, with BlockFi paying $50 million to the SEC and an additional $50 million to 32 states.