MyConstant issued desist and refrain order from California regulator

Quick Take

  • Investment platform MyConstant has been ordered to desist and refrain from violating the California Securities Law and California Consumer Financial Protection Law.
  • The order comes after the DFPI found MyConstant’s peer-to-peer lending service and interest-bearing accounts to violate the state’s law.

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.

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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."


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].

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