The California Department of Financial Protection and Innovation (DFPI) announced Wednesday that it was suspending Salt’s licence for 30 days while it investigates the crypto lender’s decision to halt client withdrawals earlier this week. Salt announced on Tuesday that it was halting client withdrawals and deposits as a result of the collapse of crypto exchange FTX. Also on Tuesday, Bnk To The Future announced the cancellation of its previously announced non-binding letter of intent to acquire Salt due to the latter’s FTX exposure. Last week, the DFPI suspended the licence of crypto lender BlockFi for also halting withdrawals due to FTX’s collapse. The department also stated that it is investing FTX separately.
