Select Page

Category: Blockfi

Nexo Eyes SEC Broker Dealer License While U.S. Competitors Face Regulatory Pressure

There’s truly never a dull moment in DeFi. Reports have emerged this week that interest-yielding platform Nexo is pursuing an acquisition of an SEC licensed broker dealer with the intent to offer a “modified version” of the company’s products. How this would impact their current offering is unclear. The move comes at a time of seemingly increased rocky roads for DeFi platforms. Interest-Generating Products & Disruptive DeFi Along with the company’s pursuit of a licensed broker dealer, Nexo is also in talks with nationally chartered banks. The platform is reportedly interested in finding a chartered bank partner that will sell Nexo products, likely with the intent to have better buy-in with U.S. regulators. Additionally, reports state that the platform is looking at applying for an exemption to offer securities to non-accredited investors. Nexo is a London-based platform, which may play out to be a substantial advantage versus competitors that are stateside. In recent weeks, U.S. state regulators have started to focus on DeFi platforms that are U.S.-based, namely Celsius and BlockFi. Regulators in a handful of states in the U.S. have begun issuing cease and desist demands for both firms. Meanwhile, major U.S.-based exchange Coinbase has been in a back-and-forth with SEC with regards to the exchange’s potential interest-yielding product, Coinbase Lend. Coinbase seems to have now placed an indefinite hold on a timetable for Lend, should the product even come to life at all. Nexo is likely taking a close eye to see how these situations play out in the coming months, so they can position themselves accordingly when stateside regulators start eyeing non-U.S. based interest yielding firms that are operating in the states. Native platform tokens, like $NEXO, have stayed away from U.S. integration as regulatory decisions still leave outcomes in question. | Source: NEXO-USD on Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion The Road Less Traveled During the midst of the DeFi madness with regulators, Nexo has still been building on it’s capabilities and offerings. In an email this week, the firm announced the addition of top-ups, withdrawals, and borrowing and earning with DOGE. At the beginning of September, the platform crossed 2M users. And last month, the platform introduced free and instant transfers from one Nexo wallet to another, as well as unlimited free internal withdrawals. Nonetheless, Nexo co-founder Antoni Trenchev has said that overseas exchanges will have to “cross the same bridge” that Celsius and BlockFi are currently having to cross, in due time. “We haven’t quite decided on the particular variations of the exemptions and exactly how we’re going to structure this,” added Trenchev. Will Nexo have the advantage of seeing how things play out for U.S. based firms, or will overseas platforms be subject to increased scrutiny? Consumers are left waiting for the snail-paced regulatory movement to determine how things play out. Related Reading | Did The SEC’s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview? Featured image from, Charts from
Read More

New Jersey Regulators Extend Enforcement on BlockFi BIA Ban to December 1st

The enforcement of the cease-and-desist order on BlockFi’s Interest Accounts (BIAs) has been postponed yet again by the New Jersey Bureau of Securities (NJ BOS). This marks the third extension of the enforcement of the ban on BIA. Third Extension Since July The cease-and-desist order, which was issued in early July by the New Jersey […]

The post New Jersey Regulators Extend Enforcement on BlockFi BIA Ban to December 1st first appeared on BitcoinExchangeGuide.

Read More

After SEC Pressure, Coinbase Decides To Drop Interest Product

It was just a couple weeks ago that Coinbase posted a blog post, paired with a hefty Twitter thread from CEO Brian Armstrong highlighting recent challenges with the SEC. Armstrong described the agency’s behavior as “sketchy” after the SEC seemingly threatened the exchange that a lawsuit would be impending should Coinbase launch their expected interest-yielding product, Lend. If Armstrong’s tweet thread didn’t give it away, the company’s blog post, spearheaded by Chief Legal Officer Paul Grewal, was undoubtedly lined with some of the firm’s frustrations. Now, less than a month later, reports have emerged that Coinbase has elected to halt it’s plans to launch Coinbase Lend. A Threat To DeFi? The news comes less than a week after SEC Chairman Gary Gensler told CNBC that his commission is under-staffed. Gensler echoed those sentiments in a Senate testimony last week, stating that the SEC “needs a lot more people.” He added in the testimony that he believed previous judiciary decisions established that many cryptocurrency tokens “do come under the securities law.” Gensler took the role with the SEC earlier this year, and came in with high expectations from retail investors. Elsewhere in the market, some state regulators seem to be working to try to fill the SEC’s role with interest-yielding products already on the market. A handful of state regulators in recent months started legal action against BlockFi for it’s lending products. In the past week, some state regulators have shifted focus to pursue action against Celsius as well. New Jersey, Texas and Alabama are three states that are pursuing both BlockFi and Celsius with claims that the firms are offering residents unregistered securities. Regardless of the eventual outcome, the growing popularity of yield-generating tokens and stablecoins are becoming of increased importance to regulators, and are likely bound to be responsible for federal oversight at a higher level than currently seen. The timetable and degree of oversight remains to be seen. Coinbase is the first crypto exchange to be publicly traded on a major U.S. stock exchange, but has posted modest results in it’s short time on the market. | Source: COIN – NASDAQ on Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Elsewhere In The Coinbase Rumblings The powerhouse exchange continues to build on their flagship products to deliver business growth. Last week, the exchange issued a high-demand junk bond with orders amounting to $7B. In recent months, the company announced it’s intent to launch a “crypto app store” and added payment support for Apple Pay. Safe to say it’s been a busy quarter for the bustling exchange. However, it remains to be seen what the end result is for competitors like BlockFi and Celsius. In the meantime, it seems that Coinbase may be working to try to propose regulatory framework that can help the SEC and other regulatory figures embrace the market without overstepping boundaries for crypto consumers. Related Reading | Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018 Featured image from Pexels, Charts from
Read More

After Targeting BlockFi, State Regulators Now Set Their Eyes On Celsius

Earlier this year, crypto lending platform BlockFi started facing the heat from state regulators in New Jersey, Texas, and Alabama. Other states have joined the fold since then, as well. Celsius this week is now facing similar cease and desist demands from all three of the same states that BlockFi first faced. Let’s take a look at what we know thus far, and what it could potentially mean for DeFi moving forward. Regulators Reach: What Celsius Is Facing It’s becoming quickly apparent that Celsius is joining the fight in facing regulators in the same vein that BlockFi has. On Friday, Texas officials filed a cease and desist order against Celsius. The filing will require Celsius to show the state why it shouldn’t be ordered to stop offering it’s products to state residents. Celsius, like BlockFi, faces accusations that it is offering residents unregistered securities. The Texas hearing is scheduled for February 24. Both Alabama and New Jersey seemingly issued similar actions on the same day. New Jersey ordered the platform to stop offering select products by November 1. In a similar action, Alabama demanded that the platform show why it shouldn’t be halted from offering products within 28 days. A Celsius representative told Bloomberg that the firm is “disappointed these actions have been filed and wholeheartedly disagree with the allegations being made that Celsius has not complied with the law,” adding that the platform would not be making any immediate changes in services for clients. Celsius’ native platform token, CEL, offers more aggressive yield rates – but is not currently offered in the U.S. | Source: CEL-USD on Related Reading | Analyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC DeFi’s Uphill Battle The news comes just a couple short weeks after Coinbase released a blog post regarding an impending lawsuit from the SEC, assuming that Coinbase moved forward with it’s anticipated Lend product. Coinbase has since applied for a National Futures Association license. It remains to be seen what happens with the Lend product and SEC. Meanwhile, Celsius has quietly become a behemoth in DeFi. The platform reportedly holds over $24B in “community assets,” making it one of the biggest – if not THE biggest – crypto lender and interest-account provider. What it means for Celsius customers in the respective states taking action remains to be seen, and BlockFi could end up being a case study moving forward. However, what we’ve seen from BlockFi and regulators thus far hasn’t been much to establish a precedent. Thus far, throughout a handful of states, only new account registration has been restricted. Customers on BlockFi prior to the regulatory action have had no impact. To date, consumers have largely been left in the dark on what sort of impacts could be seen here moving forward. The optimist in this situation might say that these actions could lead to regulation that establishes good practices and frameworks for crypto lending platforms. However, the pessimistic perspective would be led to believe that more states could join the ranks and that DeFi could face increased pressure from regulators given the impact on traditional banking institutions. Either way, it seems hard to suggest that through these individual state regulators have consumer protection at the forefront. Where it leads from here remains to be seen. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin Featured image from Pexels, Charts from
Read More

BlockFi’s First Independent Director, Former CFTC Chair Chris Giancarlo, Quits Board After Just 4 Months

Former chief US commodities regulator Christopher Giancarlo has made an exit from the board of directors of crypto lending firm BlockFi after four months, the company said on Wednesday. “We appreciate the wisdom that Chris has imparted in his formal capacity as a Board member,” said Zac Prince, CEO, and Founder of BlockFi. Giancarlo has […]

The post BlockFi’s First Independent Director, Former CFTC Chair Chris Giancarlo, Quits Board After Just 4 Months first appeared on BitcoinExchangeGuide.

Read More

BlockFi Signs NBA #1 Draft Pick Cade Cunningham As An Ambassador

It’s another impressive integration between the crypto space and the National Basketball Association (NBA). This week, cryptocurrency lender BlockFi announced a partnership with Cade Cunningham, one of the basketball league’s shining young stars. In a press release, the financial services company explained that Cunningham would help with its outreach and education efforts. Signing the Young […]

The post BlockFi Signs NBA #1 Draft Pick Cade Cunningham As An Ambassador first appeared on BitcoinExchangeGuide.

Read More

5th State Issues a Warning Against BlockFi as the Crypto Lender Engages with Regulators

Crypto lender BlockFi has received another warning, and this time it’s from Kentucky. The cryptocurrency trading and financial services provider received an order from the Division of Securities of the Kentucky Department of Financial Institutions (KDFI) on Friday regarding the state’s BlockFi Interest Account (BIA) operations. According to the order, BlockFi is prohibited from soliciting […]

The post 5th State Issues a Warning Against BlockFi as the Crypto Lender Engages with Regulators first appeared on BitcoinExchangeGuide.

Read More

Crypto Lender BlockFi Sees Stay Of Execution In Ongoing BIA Saga

The New Jersey Bureau of Securities has extended the deadline given to BlockFi to stop offering the BlockFi Interest Account (BIA) in the state. This was revealed by BlockFi CEO Zac Prince. NJ Regulators Postpone Deadline To September In a blog post, the BlockFi boss said the firm had been given until September 2 before […]

The post Crypto Lender BlockFi Sees Stay Of Execution In Ongoing BIA Saga first appeared on BitcoinExchangeGuide.

Read More

Three US States Going After BlockFi In Regulatory Crackdown

New Jersey, Texas, and Alabama have individual state regulators issuing concerns that New Jersey-based DeFi firm, BlockFi, is offering unregistered securities. Regulators seem to particularly point to BlockFi’s Interest Account (BIA), which offers rates that consumers are now becoming accustomed to in DeFi – but that have blown traditional banking rates out of the water. The ‘Unusual Three’ Crypto in it’s relatively early emergence in discussions around regulation and broader adoption, has largely been considered a somewhat bipartisan topic. Which makes the three states going after BlockFi a particularly unusual trio. New Jersey, the company’s home state and traditionally a very Democratic-run state at that, is arguably the most aggressive of the three states making claims against the firm. New Jersey has ordered BlockFi to stop offering it’s BIA product to state residents by July 29 according to a recent cease and desist from the state’s Bureau of Securities. Texas, a traditionally Republican-led state, has also issued a cease and desist with a hearing date currently set for October. The document also cites BIAs as a concern, stating that BlockFi “is, in part, illegally funding its lending operations and proprietary trading through the sale of unregistered securities in the form of cryptocurrency interest-earning accounts.” Finally, we have another typically Republican-led state in Alabama issuing a ‘Show Cause Order‘ to BlockFi this past week. The company now has less than 30 days to show the state securities commission why they should not be issued a cease and desist for selling unregistered securities. The show cause document suggests that BIAs should be registered with applicable securities regulators. It’s becoming pretty clear, at least in the case of BlockFi recently, that regulatory hurdles do not live on any particular side of the political aisle. Bitcoin’s can be deposited into BlockFi’s BIA product to yield substantial interest-bearing returns. | Source: BTC-USD on Related Reading | Uniswap Limits Access To Certain Tokens, What It Could Mean For The DeFi Sector Is DeFi In Trouble? BlockFi issued a recent responding statement in a tweet that stated that the firm wholeheartedly believed that it’s BIAs were “lawful and appropriate for crypto market participants”, adding that the company welcomes “discussions with regulators and believe(s) that appropriate regulation of this industry is key to its future success.” It’s difficult to say the impacts in such an early stage of aggressive regulatory attacks on DeFi, particularly given that of the major players in the yield-generating space, only BlockFi is being highlighted here. Will other states join these three, and will major BlockFi competitors start facing challenges as well? Or are these state regulators simply cracking a proverbial whip – or are there enough substantial differences in how BlockFi competitors, such as Nexo or Celsius, are funding their interest-bearing accounts that leave them absorbing less regulatory risk? Either way, it is becoming abundantly clear that crypto’s relatively quick mainstream success, paired with slow-moving federal decision making, will leave emerging firms – but hopefully not forward-thinking consumers – with some inherent challenges. Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency Featured image from Pixabay, Charts from
Read More

Alabama Regulator Joins NJBS to Question BlockFi’s Ability to Provide BIA Services

Regulatory issues are quickly stacking up against major cryptocurrency company BlockFi. In a release by the Alabama Securities Commission (ASC), the crypto-facing company has a limited time to prove its innocence over the sales of unregulated securities. BIAs Unregistered Securities In a growing wave of crypto regulation, Alabama regulatory agency ASC has issued a show-cause […]

The post Alabama Regulator Joins NJBS to Question BlockFi’s Ability to Provide BIA Services first appeared on BitcoinExchangeGuide.

Read More

BlockFi Remains “Fully Operational,” Clarifies CEO After New Jersey AG’s Cease And Desist Order

New Jersey Bureau of Securities’ claims of an alleged violation of relevant securities laws and lack of FDIC insurance is likely to only add “more regulatory uncertainty,” as per Matt Ballensweig of Genesis Lending while BlockFi engages with regulators to help them understand its products.

The post BlockFi Remains “Fully Operational,” Clarifies CEO After New Jersey AG’s Cease And Desist Order first appeared on BitcoinExchangeGuide.

Read More

Breaking: Bitcoin (BTC) Service Provider BlockFi In Trouble, NYAG Slaps Cease And Desist Order

As per the latest report from Forbes on Monday, July 19, BlockFi – the multi-billion dollar Bitcoin (BTC) financial services provider – has received a cease and desist order from the New Jersey Attorney General (NYAG). The Bureau of Securities operating under NYAG is likely to ask BlockFi to stop interest-bearing accounts. The same has

The post Breaking: Bitcoin (BTC) Service Provider BlockFi In Trouble, NYAG Slaps Cease And Desist Order appeared first on Coingape.

Read More

BlockFi Visa Bitcoin Rewards Credit Card Is Ready to Roll Out to the First 1500 On the Waiting List

Cryptocurrency services firm BlockFi has launched its first-ever crypto rewards credit card in partnership with Visa. Card Holders To Earn 1.5% Back In Bitcoin The card, which is dubbed the BlockFi Rewards Visa Signature Credit Card, would enable its holders to earn 1.5% back in Bitcoin for every purchase. Cardholders will receive a 3.5% Bitcoin […]

The post BlockFi Visa Bitcoin Rewards Credit Card Is Ready to Roll Out to the First 1500 On the Waiting List first appeared on BitcoinExchangeGuide.

Read More


Select a Sub Category


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber