BlockFi fined almost $1 million by Iowa regulators for offering unregistered securities
The Iowa Insurance Division announced that they had levied a $943,000 fine against BlockFi for failing to register securities they offered on their platform. The regulator also accused BlockFi of making "misrepresentations and omissions about the level of risk in its loan portfolio", particularly pertaining to statements that their loans were "typically" overcollateralized when in reality only around 16–17% were.