BlockFi Licenses & Disclosures
Terms of Service
Wallet Terms
Interest Account Terms
Trading Terms
ACH Terms
Privacy Policy
Prohibited Uses
BlockFi Licenses
Disclosures and Complaints
Alabama Customers
Connecticut Customers
District of Columbia Customers
Florida Customers
Georgia Customers
Hawaii Customers
Idaho Customers
Illinois Customers
Kansas Customers
Maryland Customers
Minnesota Customers
Nebraska Customers
New Hampshire Customers
New Jersey Customers
New Mexico Customers
North Carolina Customers
Ohio Customers
Oregon Customers
Puerto Rico Customers
Rhode Island Customers
South Carolina Customers
Tennessee Customers
Texas Customers
Washington Customers
BlockFi Rewards Visa Signature Card Agreement
BlockFi Rewards Program and Crypto Rewards Account Terms
Disclosures and Complaints
BlockFi Interest Accounts (BIAs) are not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). BIAs are not registered with any federal or state securities regulatory authority.
Summary of Recent Regulatory Activity
BlockFi’s BIAs have been the subject of recent activity by securities regulators in New Jersey, Texas, Alabama, Vermont and Kentucky, and we are in active dialogue with these regulators. We believe that our products and services are lawful and appropriate for crypto market participants, and we remain steadfast in our commitment to protect consumers’ rights to earn interest on their crypto assets. We welcome discussions with regulators and believe that appropriate regulation of this industry is key to its future success.
New Jersey
On July 19, 2021, the New Jersey Bureau of Securities issued a summary cease and desist order stating that BIAs are unregistered securities under New Jersey law, and sought to stop BlockFi from opening new BIA accounts worldwide. Following discussions with the New Jersey Bureau of Securities to provide more details about the BIA, the Bureau has again postponed the effective date of its previous order, this time to December 1, 2021. All existing BIA clients, in New Jersey and worldwide, continue to have access to their accounts, and all other products, services, and assets on the BlockFi platform are unaffected.
Texas, Alabama, Vermont and Kentucky
Following the New Jersey Bureau of Securities’ July 19, 2021 order, securities regulators in Texas, Alabama and Vermont issued Show Cause orders establishing a process for BlockFi to share additional information with these regulators. On July 30, 2021, the Division of Securities of the Kentucky Department of Financial Institutions (KDFI) issued a cease and desist order regarding the BIA operations in the state of Kentucky. The order prohibits BlockFi from soliciting or offering any securities in Kentucky for existing and new clients. BlockFi disagrees with the KDFI’s views on the BIA, however, we will comply with this order and hope to engage in a constructive conversation with Kentucky regulators as to how BlockFi’s offerings are lawful and appropriate for crypto market participants.
Regulatory Orders
The links to the regulatory orders are below:
Cease and Desist Orders:
New Jersey Bureau of Securities: Summary Cease and Desist Order / First Extension / Second Extension / Third Extension / Fourth Extension
Kentucky Department of Financial Institutions: Cease and Desist Order
Show Cause Orders:
Texas State Securities Board: Notice of Hearing / Extension of Hearing
Alabama Securities Commission: Show Cause Order
Vermont Department of Financial Regulation: Show Cause Order
How to File a Complaint
To File a complaint, please contact BlockFi’s Customer Service at https://blockfi.com/contact before contacting your jurisdiction with a complaint.
Alabama Customers
Connecticut Customers
District of Columbia Customers
District of Columbia Department of Insurance, Securities, & Banking
Online: http://disb.dc.gov
Telephone Number: 202-727-8000
Florida Customers
NOTICE: By the Florida Office of Financial Regulation
BY GRANTING BLOCKFI TRADING, LLC A LICENSE, THE FLORIDA OFFICE OF FINANCIAL REGULATION IS NOT ENDORSING THE USE OF DIGITAL OR VIRTUAL CURRENCIES.
U.S. currency is legal tender backed by the U.S. government.
Digital and virtual currencies are not issued or backed by the U.S. government, or related in any way to U.S. currency, and have fewer regulatory protections.
The value of digital and virtual currencies is derived from supply and demand in the global marketplace which can rise or fall independently of any fiat (government) currency.
Holding digital and virtual currencies carries exchange rate and other types of risk.
POTENTIAL USERS OF DIGITAL OR VIRTUAL CURRENCIES, INCLUDING BUT NOT LIMITED TO BITCOIN, SHOULD BE FOREWARNED OF A POSSIBLE FINANCIAL LOSS AT THE TIME THAT SUCH CURRENCIES ARE EXCHANGED FOR FIAT CURRENCY DUE TO AN UNFAVORABLE EXCHANGE RATE. A FAVORABLE EXCHANGE RATE AT THE TIME OF EXCHANGE CAN RESULT IN A TAX LIABILITY. PLEASE CONSULT YOUR TAX ADVISOR REGARDING ANY TAX CONSEQUENCES ASSOCIATED WITH YOUR HOLDING OR USE OF DIGITAL OR VIRTUAL CURRENCIES.
If you have a question or complaint, please contact our Client Service Team by submitting a ticket here .
Florida residents may contact the Florida Office of Financial Regulation with any unresolved questions or complaints about BlockFli Trading LLC. at 200 E. Gaines Street, Tallahassee, FL 32399-0376, telephone number (850) 487-9687 (toll free).
Georgia Customers
Georgia Department of Banking & Finance
Online: http://www.dbf.georgia.gov/
Telephone Number: 888-986-1633
Hawaii Customers (non-licensed pilot program)
Hawaii Division of Financial Institutions
Online: http://www.hawaii.gov/dcca/dfi
Telephone Number: 808-586-2820
Disclosure :
BlockFi Trading LLC is providing services to you as a participant in a special Hawaii project which ends on December 31, 2022. At the end of the project term, BlockFi Trading LLC may be required to close all accounts for Hawaii customers and cease operations. BlockFi Trading LLC will notify Hawaii customers in advance if accounts must be closed. Hawaii customers who choose to open accounts with BlockFi Trading LLC are advised that the virtual currency or digital currency purchased, whether as an investment, for making payments, or other purposes, may lose value, including the loss of some or all of your original purchase amount.
Idaho Customers
Illinois Customers
Illinois Division of Financial Institutions
Online: http://www.idfpr.com/
Disclosure :
Illinois residents may contact the Illinois Department of Financial Institutions, Consumer Credit Section with any unresolved questions or complaints or suspected violations about BlockFi Trading, LLC. at 100 West Randolph, 9th Floor Chicago, IL 60601, telephone number (888) 473-4858 (toll-free).
Kansas Customers
Kansas Office of State Bank Commissioner
Online: http://www.osbckansas.org/
Telephone Number: 785-296-2266
Maryland Customers
Maryland Office of the Commissioner of Financial Regulation
Online: http://www.dllr.state.md.us
By mail:
Office of the Commissioner of Financial Regulation
Attention: Complaint Unit
500 North Calvert Street, Suite 402
Baltimore, MD 21202
Maryland Consumer Complaint Notice:
The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints from Maryland residents regarding BlockFi Trading, LLC. dba BlockFi, NMLS ID 1873137 at 500 500 N. Calvert St., Ste. 402, Baltimore, MD 21202 or (888) 784-0136 .
Minnesota Customers
Minnesota Department of Commerce
Online:http://www.mn.gov/commerce
Disclosures:
BlockFi Trading LLC is committed to combating fraud. If you are located in the State of Minnesota and believe that your account has been accessed without your authorization, you did not initiate a transaction, are not the intended recipient of a transmission, or should you have any other questions or concerns regarding BlockFi Trading LLC, please contact our Client Service Team by submitting a ticket here.
You may also submit a complaint to the Minnesota Department of Commerce by phone at (651) 539-1500 or by mail at Main Office, Golden Rule Building, 85 7th Place East Suite 280 Saint Paul, Minnesota 55101. You may also contact the Consumer Financial Protection Bureau for questions or complaints about BlockFi Trading LLC at https://www.consumerfinance.gov/ or by phone at (855)-411-2372.
Nebraska Customers
Nebraska Department of Banking & Finance
Online: http://www.ndbf.ne.gov/
Telephone Number: 402-471-2171
New Hampshire Customers
New Jersey Customers
New Jersey Department of Banking & Insurance
Online: http://www.state.nj.us/dobi
Telephone Number: 800-446-7467
New Mexico Customers
New Mexico Financial Institutions Division
Online: http://www.rld.state.nm.us
Telephone Number: 505-476-4885
North Carolina Customers
Ohio Customers
Ohio Division of Financial Institutions
Online: http://www.com.ohio.gov/fiin/
Telephone Number: 866-278-0003
Oregon Customers
Oregon Division of Finance & Corporate Securities
Online: http://www.cbs.state.or.us/dfcs/
Telephone Number: 866-814-9710 (OR only)
Disclosure:
If you are located in the State of Oregon and have a complaint, please first contact our Customer Support Team at [email protected] . If you still have an unresolved complaint regarding our money transmission activity, you may also direct your complaint to the attention of:
Oregon Division of Financial Regulation, P.O. Box 14480, Salem, Oregon 97309-0405; +1 (866) 814-9710 (toll-free in the USA). Please visit: www.dfr.oregon.gov for additional information.
Puerto Rico Customers
Puerto Rico Office of Commissioner of Financial Institutions
Online: http://www.ocif.gobierno.pr
Telephone Number: 787-723-8445
Rhode Island Customers
Rhode Island Dept. of Bus. Regulation - Div. of Banking
Online: http://www.dbr.state.ri.us/
Telephone Number: 401-462-9500
South Carolina Customers
Office of the Attorney General
Money Services Division
10000 Assembly Street
Columbia, SC 29201
Tennessee Customers
Tennessee Department of Financial Institution
Online: http://www.tennessee.gov/tdfi/
By Phone: 800-778-4215
Disclosure:
Please note that this license and the required surety bond does not cover the transmission of virtual currency. BlockFi Trading LLC is licensed by the Tennessee Department of Financial Institutions as a money transmitter. The Tennessee Department of Financial Institutions does not regulate virtual currency.
Texas Customers
Texas Department of Banking
2601 North Lamar Boulevard, Suite 300
Austin, Texas 78705
Online: http://www.dob.texas.gov/
Fax Number: 512-475-1313
Email Address: [email protected]
If you have a complaint, first contact the Client Service Team of BlockFi Trading LLC at 646.779.9688 , if you still have an unresolved complaint regarding the company's (money transmission or currency exchange activity), please direct your complaint to: Texas Department of Banking, 2601 North Lamar Boulevard, Austin, Texas 78705, 1-877-276-5554 (toll free), http://www.dob.texas.gov.
Washington Customers
Washington Department of Financial Institutions
Online: http://www.dfi.wa.gov/
If you have a complaint, first contact the BlockFi Trading LLC’s Client Service Team by submitting a ticket here or calling 646.779.9688 . If you still have an unresolved complaint regarding the company’s money transmission activity, please contact the Washington State Department of Financial Institutions, Division of Consumer Services Services using one of the following methods:
File a complaint online, mail or fax:
https://dfi.wa.gov/node/6521/webform/money-services-complaint-form
Call us: 1-877-746-4334
Email: [email protected]
State of Washington - Department of Financial Institutions
Division of Consumer Services
150 Israel Road, S.W.
Tumwater, WA 98501
Fraudulent transactions may result in the loss of your money with no recourse. A schedule of all fees and charges we may assess on a transaction can be found at http://blockfi.com/rates . In addition please note the following disclosures associated with transactions with virtual currency:
Virtual currency is not legal tender is not backed by the government and accounts and value balances are not insured against theft or loss by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Transactions in virtual currency are irrevocable and accordingly losses due to fraudulent or accidental transactions may result in the loss of your money with no recourse.
You are exclusively responsible for ensuring the security of your account your own trades trade cancellations deposits and withdrawals and are responsible for any errors or liabilities incurred therein. In the event of such errors please contact our Customer Support Team at [email protected] . representations that we will be able to correct such mistakes.
