BlockFi relaunches crypto yield products, but only for accredited clients

ChainCatcher news, according to The Block, after nearly 9 months of fines from the U.S. Securities and Exchange Commission (SEC), the crypto lending platform BlockFi is resuming its high-yield cryptocurrency savings account business, but it will only be available to the wealthiest investors in the U.S. BlockFi stated that it is offering this product through an exemption from the "registration requirements of the Securities Act of 1933," and only U.S. accredited investor clients (about 13% of households) will be able to earn interest through BlockFi Yield, which offers rates for 15 different cryptocurrencies.

ChainCatcher previously reported that in February this year, BlockFi paid $100 million to settle with the SEC and other regulators regarding high-yield accounts, marking one of the most severe penalties imposed by U.S. regulators on a cryptocurrency company to date. (The Block)