{"content":[{"text":"STATE OF NEW JERSEY \n BUREAU OF SECURITIES \n P.O. Box 47029 \n Newark, New Jersey 07101 \n (973) 504-3600","bbox":{"left":0.117647,"top":0.108645,"width":0.226146,"height":0.08644400000000001}},{"text":"IN THE MATTER OF:","bbox":{"left":0.136274,"top":0.221069,"width":0.197471,"height":0.016747000000000012}},{"text":"BlockFi Inc., \n BlockFi Lending, LLC, and \n BlockFi Trading, LLC,","bbox":{"left":0.135294,"top":0.255615,"width":0.21833100000000003,"height":0.05159500000000006}},{"text":"SUMMARY CEASE \n AND DESIST ORDER","bbox":{"left":0.510196,"top":0.255918,"width":0.19269899999999995,"height":0.03417100000000001}},{"text":"Respondents.","bbox":{"left":0.133922,"top":0.325312,"width":0.10491500000000001,"height":0.016747000000000012}},{"text":"Pursuant","bbox":{"left":0.176471,"top":0.395615,"width":0.068498,"height":0.016747000000000012}},{"text":"to","bbox":{"left":0.254166,"top":0.395615,"width":0.015222999999999987,"height":0.016747000000000012}},{"text":"the authority granted to Christopher W. Gerold, Chief of","bbox":{"left":0.278587,"top":0.395615,"width":0.467759,"height":0.016747000000000012}},{"text":"the New Jersey","bbox":{"left":0.756131,"top":0.395615,"width":0.1255630000000001,"height":0.016747000000000012}},{"text":"Bureau of Securities (“Bureau Chief”), under the Uniform Securities Law (1997), N.J.S.A. 49:3-","bbox":{"left":0.117647,"top":0.430463,"width":0.764016,"height":0.016747000000000012}},{"text":"47 to -89 (“Securities Law”) and certain regulations thereunder, and based upon documents and","bbox":{"left":0.117647,"top":0.465312,"width":0.7639119999999999,"height":0.016747000000000012}},{"text":"information obtained during the investigation by the New Jersey Bureau of Securities (“Bureau”),","bbox":{"left":0.117647,"top":0.50016,"width":0.763528,"height":0.016746999999999956}},{"text":"the Bureau Chief hereby finds that there is good cause and it is in the public interest to enter this","bbox":{"left":0.117647,"top":0.535009,"width":0.7638879999999999,"height":0.016746999999999956}},{"text":"Summary Cease and Desist Order (“Order”) against BlockFi, Inc., BlockFi Lending, LLC, and","bbox":{"left":0.117647,"top":0.569857,"width":0.7636910000000001,"height":0.016746999999999956}},{"text":"BlockFi Trading, LLC.","bbox":{"left":0.117647,"top":0.604706,"width":0.181477,"height":0.016746999999999956}},{"text":"The Bureau Chief makes the following findings of fact and conclusions of law:","bbox":{"left":0.176471,"top":0.639554,"width":0.6199520000000001,"height":0.016746999999999956}},{"text":"FINDINGS OF FACT","bbox":{"left":0.406863,"top":0.674706,"width":0.18576199999999998,"height":0.016746999999999956}},{"text":"1.","bbox":{"left":0.176471,"top":0.709251,"width":0.014677999999999997,"height":0.016746999999999956}},{"text":"BlockFi,","bbox":{"left":0.235294,"top":0.709251,"width":0.06790099999999999,"height":0.016746999999999956}},{"text":"Inc.","bbox":{"left":0.313176,"top":0.709251,"width":0.02982299999999999,"height":0.016746999999999956}},{"text":"(“BFI”)","bbox":{"left":0.352588,"top":0.709251,"width":0.06084600000000001,"height":0.016746999999999956}},{"text":"is","bbox":{"left":0.42322,"top":0.709251,"width":0.013052999999999981,"height":0.016746999999999956}},{"text":"a","bbox":{"left":0.446059,"top":0.709251,"width":0.008685999999999972,"height":0.016746999999999956}},{"text":"financial","bbox":{"left":0.46453,"top":0.709251,"width":0.06830599999999998,"height":0.016746999999999956}},{"text":"services","bbox":{"left":0.542622,"top":0.709251,"width":0.06299900000000003,"height":0.016746999999999956}},{"text":"company that","bbox":{"left":0.615227,"top":0.709251,"width":0.110989,"height":0.016746999999999956}},{"text":"generates","bbox":{"left":0.736044,"top":0.709251,"width":0.073828,"height":0.016746999999999956}},{"text":"revenue","bbox":{"left":0.819674,"top":0.709251,"width":0.06185700000000005,"height":0.016746999999999956}},{"text":"through cryptocurrency trading, lending, and borrowing, as well as engaging in propriety trading.","bbox":{"left":0.117647,"top":0.7441,"width":0.7635909999999999,"height":0.016746999999999956}},{"text":"Since March 4, 2019, BFI, through its affiliates BlockFi Lending, LLC (“BlockFi”) and BlockFi","bbox":{"left":0.117647,"top":0.778948,"width":0.764024,"height":0.016746999999999956}},{"text":"Trading, LLC (“Trading”) has been, at least in part, funding its lending operations and proprietary","bbox":{"left":0.117647,"top":0.813797,"width":0.7640230000000001,"height":0.016746999999999956}},{"text":"trading through the sale of unregistered securities in the form of cryptocurrency interest-earning","bbox":{"left":0.117647,"top":0.848645,"width":0.764105,"height":0.016746999999999956}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}