The Texas State Securities Board has filed a cease and desist order against crypto lender BlockFi for failing to offer state or federal licensed security.
According to a file filed Thursday, the state regulator will holding a hearing linked to allegations that BlockFi illegally funds its crypto lending and proprietary trading operations through the sale of unregistered securities. If the judge accepts that the platform’s accounts generating interest on the crypto represent unlicensed securities, BlockFi may be subject to a cease and desist order.
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