According to Bloomberg, cryptocurrency platform BlockFi will pay a $100 million fine to settle a dispute with U.S. regulators.
BlockFi is accused of illegally offering services to customers that allow them to earn high interest rates for savings accounts in digital assets.
Bloomberg reports that the company will have to pay $50 million to the Securities and Exchange Commission (SEC) and another $50 million to individual state regulators.
Fines could be issued as early as next week.
Earlier, regulators in New Jersey, Alabama, Texas, Kentucky and Vermont began investigating whether BlockFi’s services fall under the definition of securities.
As part of the agreement with regulators, BlockFi will no longer be able to open new interest-bearing accounts for most Americans.