California has permanently revoked BlockFi's lending license due to violations of the California Financing Law. The crypto lender, which went bankrupt in 2022 after FTX's collapse, failed to assess borrowers' repayment ability and charged interest before loans were issued. BlockFi also neglected credit counseling and accurate loan disclosures. As part of a settlement, the company agreed to cease harmful practices.

https://crypto.news/california-permanently-cuts-off-blockfis-license-over-bad-lending-practices/

Ensuring responsible lending practices is crucial for the financial industry. It's a positive step that BlockFi has agreed to cease harmful practices as part of the settlement. Compliance with regulations is essential for maintaining trust and protecting consumers in the crypto lending space.