A major U.S. cryptocurrency exchange recently disclosed its receipt of a Wells Notice from the SEC, which threatened charges for violating Section 5 of the Securities Act in connection.
A major U.S. cryptocurrency exchange recently disclosed its receipt of a Wells Notice from the SEC, which threatened charges for violating Section 5 of the Securities Act in connection.
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The Traveling Wilburys famously noted “In Jersey, anything s legal as long as you don t get caught.”[1] Apparently the New Jersey Bureau of Securities (“Bureau”) disagrees. The Bureau issued a Summary Cease and Desist Order to BlockFi Inc. (“BlockFi”) on July 20, 2021, ordering the company to stop offering interest-bearing cryptocurrency[2] accounts to new customers in New Jersey. According to the Order, BlockFi, through its affiliates, has been facilitating its cryptocurrency lending and proprietary trading operations through the sale of unregistered securities in violation of New Jersey’s securities laws.
“Our rules are simple: if you sell securities in New Jersey, you need to comply with New Jersey’s securities laws,” said New Jersey’s Acting Attorney General Andrew Bruck.[3] “No one gets a free pass simply because they’re operating in the fast-evolving cryptocurrency market. Our Bureau of Sec
NJ Blocks BlockFi from Offering Interest-Bearing Crypto Accounts natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.