BlockFi has suspended withdrawals for its users, claims to safeguard users interest

In a recent post by BlockFi, the company has stopped all kinds of user withdrawals from its system. The company wrote a detailed letter on social media which said the following.

We are shocked and dismayed by the news regarding FTX and Alameda. We, like the rest of the world, found out about this situation through Twitter. Given the lack of clarity on the status of, FTX US and Alameda, we are not able to operate business as usual. Our priority has been and will continue to be to protect our clients and their interests. Until there is further clarity, we are limiting platform activity, including pausing client withdrawals as allowed under our Terms. And We will share more specifics as soon as possible. We request that clients not deposit to BlockFi Wallet or Interest Accounts at this time. We intend to communicate as frequently as possible going forward but anticipate that this will be less frequent than what our clients and other stakeholders are used to.

In February of this year, the company had to Pay $100 Million to Settle with SEC and 32 States Over Crypto Lending Business. This is not all several crypto exchanges have been facing allegations of money laundering. Recently in India, the offices of WazirX were raided by the Indian authorities over allegations of money laundering.



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