MyConstant issued desist and refrain order from California regulator

Investment platform MyConstant has been ordered by the California Department of Financial Protection & Innovation (DFPI) to desist and refrain from violating the California Securities Law and California Consumer Financial Protection Law through its crypto-related products.

The order comes after the DFPI found MyConstant's peer-to-peer lending service and interest-bearing accounts to violate the state's law. The crypto-specific products and services include a p2p loan brokering service brokered by MyConstant and an interest-bearing crypto asset account promising a fixed annual percentage interest-rate yield, in addition to an interest-bearing fiat account promising the same.

The DFPI noted in a press release that it is interested in complaints from MyConstant users regarding the platform's peer-to-peer lending or interest-bearing accounts. It also noted that it "expects any person offering securities, lender or other financial services provider that operates in California to comply with our financial laws."