Crypto lending platform BlockFi has received a license to provide financial services in the state of Iowa (USA).

We are excited to announce that we have obtained our Money Services License in Iowa.

Iowa residents can now trade stablecoins and instantly transfer funds via ACH on our platform. pic.twitter.com/sNEFIlCeWY

— BlockFi (@BlockFi) 28 June 2022

“Iowans can now trade stablecoins through our platform and ACH“, the message says.

On June 14, a local regulator fined BlockFi more than $943,000 for violating the law. According to officials, the platform “offered and sold securities that were not registered or authorized for sale in Iowa,” and was not licensed as a broker-dealer or broker.

Prior to this, the firm had already faced regulatory issues at the state level. Claims against it came from the supervisory authorities of New Jersey, Alabama, and Vermont.

In November 2021, the media reported that the US Securities and Exchange Commission (SEC) had launched an investigation into BlockFi. It was later learned that the company had settled the dispute with the SEC and state regulators and agreed to pay a $100 million fine.

Recall that on June 21, BlockFi signed a letter of intent regarding the acquisition of a $250 million revolving line of credit with the FTX cryptocurrency exchange.

According to some reports, Morgan Creek Digital has become interested in a controlling stake in the platform.

In early June, the media reported that BlockFi is preparing to close a new funding round of $1 billion instead of the previously planned $5 billion. That same month, CEO Zack Prince announced a staff cut of about 20%.

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