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DFPI Moves to Suspend BlockFi’s Lending License

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Today’s Cryptocurrency Headline

California Department of Financial Protection and Innovation (DFPI) announced that it will suspend the license of cryptocurrency lending platform BlockFi in the state for at least 30 days. The DFPI is investigating BlockFi’s compliance with the laws within the Commissioner’s jurisdiction, including the California Financing Law. The founder of BlockFi said on November 9 that all products are operating normally and the company is a business entity independent of FTX. Earlier this year, following the bankruptcy of Three Arrows Capital, BlockFi agreed to a potential acquisition deal with FTX, which provided BlockFi with a $400 million line of credit.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Glassnode, ETH balance on exchanges reached a 4-year low of 20,099,642.608 ETH. Bitcoin is down 3.64% over the last 24 hours and fell to an intraday low of $16,079.00. The largest cryptocurrency extended its losses during the weekend as the FTX exchange has recently announced bankruptcy after facing a massive liquidity crunch. Rumors about another major crypto exchange also facing a liquidity crunch have spread on Twitter. If more CeFi providers fail in the upcoming weeks, the results could be devastating for crypto investors.

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