BlockFi Review
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Fast Facts
Contact Info and Support
Traffic information
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About BlockFi
BlockFi was a digital asset lending company founded in 2017 by Zac Prince and Flori Marquez, based in Jersey City, New Jersey, U.S. It filed for Chapter 11 bankruptcy protection in November 2022 and subsequently ceased operations, entering a wind‑down and asset liquidation phase ().
The California Department of Financial Protection and Innovation (DFPI) first suspended BlockFi Lending LLC’s California Financing Law (CFL) license in November 2022, then permanently revoked it on November 7, 2024, citing violations including failure to assess borrowers’ ability to repay, charging interest before loan disbursement, not providing credit counseling, failing to report to credit bureaus, and inaccurately disclosing APRs. A $175,000 fine was imposed but waived to prioritize consumer recovery in light of the bankruptcy ().
BlockFi Trading LLC also voluntarily surrendered its Georgia seller of payment instruments license (NMLS No. 1873137) in December 2022, after initiating Chapter 11 proceedings ().
Who it’s for
- Not applicable—BlockFi has ceased offering services and is in bankruptcy liquidation, with no active product offerings or target customer segments.
Pros and cons
Cons
- License revocation by DFPI with confirmed violations of California Financing Law.
- Surrender of Georgia money transmission license.
- Chapter 11 bankruptcy, cessation of operations, and pending liquidation of assets.
