Crypto lending platform BlockFi has received an order from New Jersey’s acting attorney general (AG) to halt its Interest Account (BIA) operations in the U.S. state.

  • BlockFi CEO Zac Prince confirmed his company had received the order late Monday.
  • Prince said BlockFi remains "fully operational" for its existing clients in New Jersey and that all aspects of the platform continue to be accessible for its clients in the state.
  • CoinDesk contacted Prince, who declined to comment further.
  • The acting AG's order requests BlockFi to stop accepting new BIA clients residing in New Jersey beginning July 22, 2021, Prince confirmed in a tweet.
  • "We will continue to engage with all relevant authorities to protect our clients’ interests and ensure that our products remain available," said Prince.
  • Having just started the job on Monday, Acting Attorney General Andrew Bruck appears to be setting the tone of his new role.
  • The order is the latest headache for the embattled lender that, in May, incorrectly deposited and then tried to reverse excessive amounts of bitcoin to users’ accounts.
  • The order states that BlockFi held $14.7 billion through BIA sales as of March 31.
  • BlockFi was also hit by an attacker spamming its platform with fake sign-ups and abusive language in March.

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