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/

This is a crucial reminder of the importance of responsible lending practices in the crypto industry. It's good to see regulatory action taken to protect consumers from such violations.