BlockFi is Ceasing its Operations

Struggling crypto lending company BlockFi has announced that it will be closing its web platform by May 2024 and will be working with major cryptocurrency exchange Coinbase to assist clients with fund withdrawals.

In a recent blog post, the New Jersey-based company stated that partnering with Coinbase will allow eligible BlockFi Interest Accounts, Retail Loans, and Private Clients to withdraw their crypto assets.

This decision comes after BlockFi declared bankruptcy in November 2022 due to the collapse of FTX and later announced plans to return customers’ crypto holdings in 2023, with a deadline of April 28, 2024 for withdrawal requests.

BlockFi has informed clients that, as the deadline has passed, they will be given instructions on how to set up a Coinbase account to facilitate their withdrawals, whether it be an existing or new approved account.