Court documents published on the liquidation commission’s official website say that the SEC has agreed to waive $30 million in fines from BlockFi and use those funds to reimburse investors.
The payment represents the remainder of a total $50 million fine that the platform owed the SEC for after being accused of unregistered sales of cryptocurrency credit products.
Commenting on the upcoming payments, BlockFi’s liquidation committee drew the platform’s users’ attention to the fact that withdrawals will take place in installments according to an approved schedule. An electronic notice will be sent to eligible investors.
Bankrupt cryptocurrency lender BlockFi announced
plans to liquidate its platform in May after a series of unsuccessful attempts to sell its business.