BlockFi secures Bermuda licence

The crypto lending platform BlockFi announced that its subsidiary has obtained a licence from the Bermuda Monetary Authority to carry on financial activities in the digital-asset sector.

According to the press release, the regulator’s approval will allow BlockFi to “concentrate its existing products and services for retail and institutional clients outside the United States.”

The company will also open a new office in the jurisdiction, which will be partly staffed by local employees.

“This licence and the robust regulatory framework provided by Bermuda form a solid foundation for our global business,” said BlockFi founder and CEO Zac Prince.

He added that the firm expects to cooperate with the regulator as it expands operations through its subsidiary, BlockFi International.

Walkers Global acted as legal counsel in the licensing process.

As reported in November 2021, the U.S. Securities and Exchange Commission initiated an investigation into BlockFi.

Prior to that, the firm had already faced regulatory problems at the state level. The concerns were raised by state regulators New Jersey, Alabama and Vermont.

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