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.
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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