Crypto lending platform BlockFi reportedly disclosed its success in securing a Money Services License in the state, regardless of being subject to a fine from Iowa’s regulators for offering and selling unregistered securities. 

Specifically, the Iowan license will reportedly grant legal power to the crypto lender to receive money and sell payment instruments in the state. BlockFi took to Twitter to reveal its intention of commencement, via enabling Iowan residents to trade stablecoins.

BlockFi did not offer clarification as to whether the license would cover its yield-generating product. Per the firm, its interest accounts have not completed full registration and are not offered or sold in the United States.

Previously on June 14th, the Iowa Insurance Division (IID) – in charge of securities sales in the state – reportedly fined BlockFi more than $943,000 for charges of violating the state’s Securities Act. 

IID alleged BlockFi had “offered and sold securities in Iowa that received not registered or permitted for sale in Iowa” as well as not being able to register as a broker-dealer or agent.

The fine was included in the scope of a bigger penalty brought by the United States Securities and Exchange Commission (SEC) in February, regarding failing to complete the registration and offering high-yield interest accounts, which the commission classify as securities.

The fine was one of the most significant penalties to have been imposed by a federal regulator on a crypto establishment. BlockFi suffered from a $100 million financial hemorrhage paid for settlements, with fifty percent paid to the SEC and the remaining to 32 states which brought forward similar charges.

Shortly after, BlockFi revealed its intention of competing for registration with the SEC for a crypto interest-bearing security devoted to its customers in America, to replace its existing interest accounts offering.

The new license serves as a ray of sunlight on a cloudy rainy day for BlockFi, which has been dealing with hardship along with other blockchain and crypto firms in the decreasingly terrible market conditions and falling crypto prices.