California Department of Financial Protection and Innovation Suspends BlockFi's Lending License in the State for 30 Days

The California Department of Financial Protection and Innovation (DFPI) announced the suspension of the cryptocurrency lending platform BlockFi’s lending license in the state. DFPI stated that the suspension will last for at least 30 days. The reason for the suspension is that the current status of FTX is unclear. Earlier this year, FTX US extended a $400 million line of credit to BlockFi. DFPI said it was investigating BlockFi’s compliance with laws under the commissioner’s jurisdiction, including the California Financial Code, while DFPI was also investigating FTX.