Crypto lender BlockFi has announced Coinbase as its distribution partner to enable crypto withdrawals for eligible BlockFi Interest Accounts [BIA], retail loans, and private clients. Following its decision to shut down, the platform is working with Coinbase to ensure seamless operations and a hassle-free user experience. As per the announcement, clients will receive further instructions via their registered email addresses on creating a Coinbase account to access their digital assets.
For those who missed the deadline of April 28, 2024, at 11:59 PM UTC, assets will be distributed in kind if they create or already have an open and approved Coinbase account. This ensures that assets are not liquidated into cash.
Crypto-eligible clients who did not withdraw their digital asset distribution from the BlockFi platform by the deadline of April 28, 2024, at 11:59 PM UTC (or did not complete an identity verification request by the deadline of May 10, 2024 at 11:59 UTC) from the current round of estate distributions will, rather than such assets being liquidated to cash, have funds made available and can withdraw if they create or have an open and approved Coinbase account.
Additionally, the plan administrator will utilize Coinbase for future rounds of distributions, which include funds recovered from the bankrupt FTX exchange. Absent this capability, under the plan, the administrator would only be able to make distributions in cash for subsequent distributions.
BlockFi Shutdown: Time to Backup Your Data
The BlockFi web platform is scheduled to be discontinued in May 2024. The specific date will be announced separately following a comprehensive review of ongoing operations and the initial rollout. Once this date arrives, users will no longer have access to the BlockFi platform. Till then, users are advised to download their transaction history, tax forms, and any other important data from the platform before the shutdown date.
“The specific date will be separately communicated over the next few weeks. We advise all clients to download their transaction history, tax forms, and any other important data from the platform before the shutdown date.”
