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The regulator also stated that certain crypto interest account providers, including BlockFi and Voyager, were providing unregistered securities.
The California Department of Financial Protection and Innovation (DFPI) has warned customers to "exercise extreme care" while dealing with crypto-asset accounts that pay interest.
The DFPI has indicated that it is investigating numerous crypto interest account providers to investigate if they are "violating laws under the Department's authority."
In a letter published on Tuesday, the DFPI underlined that crypto-interest account providers “are not controlled by the same norms and protections as banks and credit unions” and that certain platforms “block consumers from withdrawing and moving funds between their accounts:”
“The Department warns California consumers and investors that many crypto-interest account providers may not have adequately disclosed risks customers face when they deposit crypto assets onto these platforms.”
The DFPI said, “Consumers are encouraged to exercise extreme caution before responding to any solicitation offering investment or financial services.”
According to the DFPI, certain crypto-interest account providers have been promoting unregistered securities in California, as evidenced by the cease-and-desist orders, it recently issued to BlockFi and Voyager.
The warning is in reaction to crypto interest account providers such as Celsius Network and Voyager Digital frozen user assets due to significant liquidity concerns amid a bear market.
Client money on both platforms has been frozen for some weeks, and the status of their depositors’ assets remains uncertain.
At the very least, Voyager has established a future post-bankruptcy recovery plan that would allow depositors to obtain a combination of Voyager tokens, cryptocurrencies, “common shares in the newly reformed firm,” and monies from any proceedings with Three Arrows Capital (3AC).
However, the business has hinted that it may not be able to restore all customers to total health.
In a blog post published on Monday, Voyager indicated that “the precise figures will depend on the outcome of the restructuring procedure and the recovery of 3AC assets.”
Depositors were dissatisfied, with Twitter user SizzleMcAffy expressing the DFPI’s complaints over risk disclosures:
“If I’d known that this platform could freeze my assets without consent, I’d never have opened an account. It’s crazy that you all can use our assets to prop your value up. This kind of behavior is going to severely damage the crypto industry.”