Question 1

Accepted Answer

Yes, BlockFi is legit and registered with the U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”).

Your funds at BlockFi are handled by the Gemini Trust company, a New York trust company regulated by the New York State Department of Financial Services

BlockFi was founded in 2017 and has grown exponentially to become one of the most popular and best crypto exchanges in the market now.

Question 2

Accepted Answer

Yes, you can lose your money on BlockFi. Like with any other investment, there're risks of losing your money.

BlockFi is not a bank or a brokerage account, which means it's not FDIC or SIPC insured. In the event of BlockFi going out of business, there's a chance you could lose your money.

Question 3

Accepted Answer

Yes, you can withdraw your funds from BlockFi at any time because there are no restrictions or lock-up periods.

Keep in mind, you can only make one free crypto withdrawal and one free stablecoin withdrawal per calendar month. Beyond that, you'll pay a fee for each withdrawal, which varies by currency.

Question 4

Accepted Answer

BlockFi makes money by lending coins to hedge funds, exchanges, institutional traders, and by issuing asset-backed loans to retail customers.

Question 5

Accepted Answer

Yes, BlockFi reports your earning to the IRS by sending your 1099 information.

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