Department of Finance reaches $100 million settlement with a cryptocurrency investment firm

Idaho (KMVT/KSVT) — The Department of Finance has reached a $100 million dollar settlement with a cryptocurrency investment firm.

According to the Department of Finance, trading company BlockFi was issued a notice that it was selling securities not in compliance with state regulation.

The settlement was reached with Idaho, as well as six other states who filed complaints with the company.

According to officials, the settlement will be split equally among 32 North American securities administrators association districts.

“The money will be taken in by the state. Each jurisdiction will receive the $943,000,” said Securities Bureau Chief with the Idaho Department of Finance Patricia Highley. “Some of that will be used for investor education here in the Idaho Department of Finance.”

For those worried about their investments with the company, Highley says this will not disrupt the company’s normal business.

The settlement’s purpose was to force the company to comply with state regulations.

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