BlockFi Trading, LLC Surrenders Georgia License
Atlanta, Georgia – On December 2, 2022, BlockFi Trading LLC (“BlockFi Trading”), NMLS No. 1873137, located at 201 Montgomery Street, Suite 263, Jersey City, New Jersey 07302, surrendered its seller of payment instruments license issued by the Georgia Department of Banking and Finance (“Department”). As a result of the surrender, BlockFi Trading LLC is no longer authorized to engage in the sale of payment instruments or money transmission in Georgia. O.C.G.A. § 7-1-681.
Georgia law requires all licensed sellers of payment instruments and money transmitters to operate under a valid bond in form and terms acceptable to the Department as a continuing requirement of licensure. O.C.G.A. § 7-1-683.2. Pursuant to O.C.G.A. § 7-1-689(l)(7), the Department may make available to the public the terms or a copy of any bond filed by a licensee. Accordingly, a copy of surety bond no. 1133039 issued by Arch Insurance Company, NAIC No. 11150, related to the Georgia license previously held by BlockFi Trading is included with this press release.
Georgia residents who wish to file a claim against the surety bond in connection with outstanding balances that may be owed to them by BlockFi Trading may contact the surety via email at [email protected], telephone at (866) 266-3630, or its online claims portal at https://my.archinsurance.com/#/. The Department does not administer the bond claim process. Please note that the bond only covers certain liabilities of BlockFi Trading that are within the express terms of the bond.
On November 28, 2022, BlockFi Inc. and related entities, including BlockFi Trading, filed petitions for Chapter 11 reorganization in the United States Bankruptcy Court of the District of New Jersey. Information about the cases, including the form for submitting a claim, is available online at https://restructuring.ra.kroll.com/blockfi/Home-Index.
Georgia consumers seeking guidance about their options for how to proceed may wish to consult with their own attorney, as the Department cannot provide legal advice.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: [email protected]