DFPI – DIGIT INFO

California revokes BlockFi’s lending license 2 years after bankruptcy

DIGIT — Fri, 08 Nov 2024 10:01:55 +0000

Bankrupt and now defunct BlockFi has entered into a settlement agreeing to the license revocation and to cease unsafe practices.

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Court Upholds $1,000 Cap on Daily Crypto ATM Withdrawals in California

DIGIT — Wed, 04 Sep 2024 22:10:48 +0000

A California Superior Court has upheld the Digital Financial Assets Law, which includes a $1,000 daily withdrawal limit for cryptocurrency ATMs. The law also requires crypto ATM operators to obtain licenses and comply with fee limits and new disclosures. California Court Upholds Bitcoin ATM Withdrawal Limit The California Department of Financial Protection and Innovation (DFPI) […]

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JPMorgan Chase Assumes Control of First Republic Bank Following Seizure by California Regulators

DIGIT — Mon, 01 May 2023 12:35:28 +0000

On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid […]

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Crypto firms alleged to have faked execs using AI and actors: Cali regulator

DIGIT — Fri, 21 Apr 2023 08:04:58 +0000

The regulator is cracking down on high-yield investment products saying the programs raise hype with the promise of high returns before going dark.

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California regulators order MyConstant to cease crypto-lending services

DIGIT — Thu, 22 Dec 2022 04:04:40 +0000

The California DFPI warned in July that it would be cracking down on crypto interest account providers in the state.

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California Regulator Reveals Investigation Into FTX’s Failure, Says ‘Crypto Assets Are High-Risk Investments’

DIGIT — Fri, 11 Nov 2022 14:00:29 +0000

After it was discovered that FTX was dealing with financial issues and the crypto exchange paused withdrawals, U.S. regulators started to take notice. On Nov. 10, 2022, California’s Department of Financial Protection and Innovation (DFPI) published a consumer alert and said the state regulator was “investigating the apparent failure of crypto asset platform FTX.” California’s […]

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California Launches Crackdown on 11 Crypto Firms Accused of Operating Ponzi Schemes

DIGIT — Wed, 28 Sep 2022 09:00:45 +0000

The California Department of Financial Protection and Innovation (DFPI) has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws. Nine of the firms reportedly solicited funds from investors in order to trade cryptocurrencies on the customer’s behalf. One of the accused companies pitched an alleged metaverse software development scheme, and […]

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