{"id":473387,"date":"2022-07-13T05:14:58","date_gmt":"2022-07-13T02:14:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/california-regulator-investigating-crypto-interest-accounts\/"},"modified":"2022-07-13T05:14:58","modified_gmt":"2022-07-13T02:14:58","slug":"california-regulator-investigating-crypto-interest-accounts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/california-regulator-investigating-crypto-interest-accounts\/","title":{"rendered":"# California regulator investigating crypto interest accounts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3430b493706\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3430b493706\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/california-regulator-investigating-crypto-interest-accounts\/#%E2%80%9D_California_regulator_investigating_crypto_interest_accounts_%E2%80%9C\" >&#8221; California regulator investigating crypto interest accounts &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_California_regulator_investigating_crypto_interest_accounts_%E2%80%9C\"><\/span>&#8221; California regulator investigating crypto interest accounts &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvYTcxYTA2MmMtMjE2Yi00YzA0LWJhMGEtNzlhZTVlODY0NTFmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The California Department of Financial Protection and Innovation (DFPI) has warned consumers to \u201cexercise extreme caution\u201d when dealing with interest-bearing crypto-asset accounts. <\/p>\n<p>The DFPI stated that it is investigating multiple crypto interest account providers to determine whether they are \u201cviolating laws under the Department\u2019s jurisdiction.\u201d <\/p>\n<p>In a July 12 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dfpi.ca.gov\/2022\/07\/12\/dfpi-is-actively-investigating-multiple-companies-offering-crypto-interest-accounts\/\">note<\/a>, the DFPI emphasized that crypto-interest account providers \u201care not governed by the same rules and protections as banks and credit unions\u201d and that some platforms are \u201cpreventing customers from withdrawing from and transferring between their accounts.\u201d<\/p>\n<blockquote><p>\u201cThe 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.\u201d<\/p><\/blockquote>\n<p>\u201cConsumers are encouraged to exercise extreme caution before responding to any solicitation offering investment or financial services,\u201d the DFPI added. <\/p>\n<p>The DFPI also said that in its view certain crypto-interest account providers have been providing unregistered securities, pointing to two <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dfpi.ca.gov\/wp-content\/uploads\/sites\/337\/2022\/02\/Consent-Order-BlockFi-Lending-LLC.pdf\">cease<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dfpi.ca.gov\/wp-content\/uploads\/sites\/337\/2022\/06\/D-R-Voyager-Digital-LLC.pdf\">desist<\/a> orders it recently issued to BlockFi and Voyager to stop their offerings in California.<\/p>\n<p>The warning comes in response to crypto interest account providers such as Celsius Network and Voyager Digital both locking up customer assets over severe liquidity issues amid a crypto bear market.<\/p>\n<p>As it stands, customer funds of both platforms have been locked up for several weeks, with the fate of their depositors\u2019 holdings is still unclear. <\/p>\n<p>Voyager has at least outlined a potential recovery plan after post-bankruptcy restructuring, which would allow depositors to receive a combination of Voyager tokens, cryptocurrencies, \u201ccommon shares in the newly reorganized company,\u201d and funds from any proceedings with 3AC. <\/p>\n<p>However, the company has also tentatively suggested that it may not be able to make all users whole again. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Investors lament potentially lost \u2018millions\u2019 on Voyager bankruptcy<\/em><\/strong><\/p>\n<p>In a blog post on Monday, Voyager stated that \u201cthe exact numbers will depend on what h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens in the restructuring process and the recovery of 3AC assets.\u201d<\/p>\n<p>Depositors weren\u2019t happy, with <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user SizzleMcAffy seemingly echoing the DFPI\u2019s concerns about risk disclosures: <\/p>\n<blockquote><p>\u201cIf I\u2019d known that this platform could freeze my assets without consent,  I\u2019d never have opened an account. It\u2019s 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.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/california-regulator-investigating-crypto-interest-accounts\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; California regulator investigating crypto interest accounts &#8220; The California Department of Financial Protection and Innovation (DFPI) has warned consumers to \u201cexercise extreme caution\u201d when dealing with interest-bearing crypto-asset accounts. The DFPI stated that it is investigating multiple crypto interest account providers to determine whether they are \u201cviolating laws under the Department\u2019s jurisdiction.\u201d In a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":473388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvYTcxYTA2MmMtMjE2Yi00YzA0LWJhMGEtNzlhZTVlODY0NTFmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77595,75269,117,13096,70934],"class_list":["post-473387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-lending","tag-us-government","tag-business","tag-california","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=473387"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/473388"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=473387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=473387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=473387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}