New Jersey regulator delays September start of BlockFi ban on new BIA accounts

New Jersey regulator delays September start of BlockFi's ban on new BIA accounts amid ongoing dialogue with regulators.

The New Jersey Bureau of Securities moved the effective date to September 2 for BlockFi’s ban on opening new BIA accounts for state residents.

An update on regulatory conversations: pic.twitter.com/0TYqSfBk4i

— BlockFi (@BlockFi) July 28, 2021

The firm said the decision reflected ongoing dialogue with regulators.

“We are firmly convinced that BIA is a legitimate [instrument] and suitable for investors. We will continue the fight for consumers to receive interest on their assets”, the document says.

The company said it would continue dialogue with authorities, which could yield proper oversight for the industry.

In a blog post, BlockFi CEO Zac Prince again reminded that existing clients can still access all BlockFi products, services and assets.

In addition to the New Jersey Bureau of Securities New Jersey, regulators in Alabama, Texas and Vermont have also filed similar claims against BlockFi.

Earlier, BlockFi said it planned to close a financing round valued at $4.75 billion and, within 12-18 months, to go public via an IPO.

Follow ForkLog News on Twitter!