BlockFi investigated by SEC over high-yield crypto accounts
BlockFi, a platform where users can buy, sell, earn, or borrow cryptocurrencies, is being investigated by the United States Securities and Exchange Commission (SEC) over the high yields on crypto bank accounts.
BlockFi high yields under scrutiny
As mentioned on the official website, users can earn as much as 9.5% APY on the BlockFi Interest Accounts (BIA), which is quite high when compared to the traditional savings bank accounts rate. In a report, Bloomberg pointed out that such high rates have become an issue for the SEC who is now investigating these heavy returns.With the BIA, the users can lend their cryptocurrencies and earn high returns with "no hidden fees, no minimum balances, and no reason to wait," as the official website claims. Lending cryptocurrencies have become a great way for crypto investors to make while holding their tokens. However, none of the crypto exchanges provide such high rewards on lending crypto.
According to the report, the SEC is investigating if BlockFi is selling unregistered securities with its service, letting users earn from it.
"The SEC review focuses on whether the BlockFi accounts are akin to securities that should be registered with the regulator, according to a person with knowledge on the matter," said Bloomberg in the post.The New Jersey-based firm claims high return rates as compared to the 0.06% interest provided by an average bank. As a result, New Jersey and Texas are already looking into the matter, "questioning whether it's marketing illicit financial products that lack bedrock consumer protections."
Comments from Twitter
Bitfinex'ed, a crypto user who exposed Bitfinex/Tether is the largest financial fraud in history, commented on BlockFi's current position and SEC's scrutiny."BlockFi is in a bad position due to their GBTC trade. They took your Bitcoins, deposited to Grayscale to get GBTC, hoping to sell GBTC for more money after the lockout expired. This trade blew up in their face, and GBTC is NEGATIVE to Bitcoin." said Bitfinex'ed.Considering BlockFi as a Ponzi scheme, the Twitter user said, "crypto firms have bailed out their own using customers funds from other crypto firms. Be interesting to see if BlockFi gets a crypto bailout too."
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