New Jersey attorney’s office restricts BlockFi service in state

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The New Jersey attorney general has issued an order against cryptocurrency lending service BlockFi to stop providing services to new clients in the state, effective July 22, 2021.

how confirmed BlockFi CEO Zac Prince, the company received an order from the New Jersey attorney general to suspend interest-bearing operations in the state for new clients. Prince said BlockFi remains “fully operational” for its current clients in New Jersey.

“We will continue to work with all regulators to protect the interests of our customers and ensure the availability of our products,” Prince tweeted.

BlockFi recently launched BlockFi Prime, a trading platform for institutional investors and high net worth clients, and raised $ 500 million in another round of funding. However, the platform has repeatedly encountered difficulties in the past.

In May, BlockFi mistakenly credited Bitcoin bonuses instead of GUSD. In March, the service suspended registrations for new users following a “racist and very evil” attack. The hacker registered about 1,000 accounts in the BlockFi application using real email addresses, and used racist and vulgar language in the “First name” and “Last name” fields.

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