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Financial Services Law Insights and Observations

DFPI announces investigation into crypto platform

Licensing State Issues DFPI California State Regulators Digital Assets Cryptocurrency

On November 10, the California Department of Financial Protection and Innovation (DFPI) announced that it is investigating “the apparent failure” of a crypto asset platform, which recently announced that it filed for bankruptcy. According to DFPI, it takes “oversight responsibility very seriously,” and expects “any person offering securities, lender, or other financial services provider that operates in California to comply with our financial laws.”