You told me so (update): BlockFi lowers rates and issues new restrictions with less than a week of notice. 3 Factor withdrawal is flagged, demands live biometric data and delay for manual review.

On 04.25.21 BlockFi issued an email to their clients informing of additional rate drops and new restrictions. For example: 1 BTC was yielding 6% and as of May 1st (with less than a week of notice) BlockFi will reduce that to roughly 3.5%. Classic bait and switch.

In response I’ve moved to withdraw half of my BTC from BlockFi. After processing my 3 factor withdrawal, BlockFi has flagged my deposit and demanded that I provide live biometrics for them to review. They’ll contact me in a few days about the biometrics and about THEIR DECISION to let me withdraw.

In conclusion, HODLers “told me so” and if you’re currently using BlockFi take notice. While I’m confident that I’ll part ways with BlockFi in possession of all my funds, I’ll also do so knowing the presence of red flags that most often associate to bad liquidity. I wouldn’t be surprised if BlockFi is delaying in order to gather liquidity.

Feel free to drop your “I told you so” below. Life lessons stay winning.

submitted by /u/JorgeJorgunsun
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