BlockFi Selects Bermuda to Expand Global Operations Footprint with New Digital Asset Business License

BlockFi will service all non-U.S. clients under the "Class F" Digital Assets Business License from Bermuda

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Jan 24, 2022, 12:00 ET

HAMILTON, Bermuda, Jan. 24, 2022 /PRNewswire/ -- BlockFi, a crypto financial services company, is pleased to announce that the Bermuda Monetary Authority has granted its Bermuda subsidiary, BlockFi International Ltd., a "Class F" Digital Assets Business License. With this license, BlockFi will centralize its existing products and services for non-U.S. retail and institutional clients under a comprehensive and clear regulatory framework for cryptocurrency financial service providers. In addition, BlockFi will open a new office in Bermuda to be staffed by a combination of local talent and existing BlockFi staff.

"This license and the sound regulatory framework that Bermuda provides are a strong fit for our global business and our ambitions for the future," said Zac Prince, CEO and Founder of BlockFi. "We look forward to collaborating with the Bermuda Monetary Authority as we expand our presence in Bermuda, continue to deliver innovative products and services to our clients worldwide, and remain the most trusted financial service provider in crypto."

"Bermuda offers BlockFi the ideal jurisdiction from which to run our non-U.S. operations as it combines a robust legislative and regulatory framework with the oversight of an experienced financial services regulator," added Prince.

"I applaud BlockFi on its successful receipt of a Class F Digital Asset Business License and welcome its establishment of operations in Bermuda," said the Hon. David Burt, JP, MP, Premier of Bermuda. "BlockFi's choice of Bermuda as a jurisdiction from which to operate its international business is a testament to the regulatory clarity and flexibility that the Bermuda Government and the Bermuda Monetary Authority have been able to establish here. We look forward to having BlockFi in Bermuda as the company continues to be a driving force for innovation in the cryptocurrency sector."

The "Class F" Digital Assets Business license allows BlockFi International Ltd. to provide a variety of products and services for both retail and institutional non-U.S. clients, including: issuing, selling or redeeming virtual coins, tokens or any other form of digital assets; operating as a digital asset exchange; providing custodial wallet services; operating as a digital asset derivative exchange provider; and operating as a digital assets services vendor in accordance with the requirements of Bermuda's Digital Assets Business Act, 2018.

Walkers Global, an industry-leading international law firm, acted as the primary legal advisors to BlockFi in this matter.

About BlockFi

BlockFi is a new breed of financial services company. Founded in 2017 by Zac Prince and Flori Marquez, BlockFi is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors.

Nothing contained in this announcement should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. The information provided in this announcement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This announcement is not directed to any person in any jurisdiction where the publication or availability of the announcement is prohibited, by reason of that person's nationality, residence or otherwise.

Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. Learn more at BlockFi.com.

BlockFi International Ltd. is licensed to conduct digital asset business by the Bermuda Monetary Authority.

A full list of the licenses that BlockFi and its affiliated entities hold are available here: https://blockfi.com/licenses/

SOURCE BlockFi