Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to its California clients. The refunds are part of a settlement with the California Department of Financial Protection and Innovation (DFPI), which had accused BlockFi of violating state law by offering unlicensed securities.

The settlement is a significant development for BlockFi, as it allows the company to avoid potentially costly legal proceedings and regulatory penalties. The settlement also highlights the importance of compliance with regulatory requirements and the need for due diligence when entering into business relationships with third parties.

(by Elizabeth Napolitano)