RUN FOR THE HILLS...they allowed my account to be hacked, lost my crypto, and declared that they have no responsibility.  Security is lax despite 2 factor ID.  Buyer beware...same thing with Coinbase...these places are being successfully attacked all the time.

RUN FOR THE HILLS...they allowed my…

I&apos;ve initated BTC withdrawal in August 22nd, verified my ID for withdrawal (apparently 2FA is not enough) and it&apos;s still pending.

By far the worst service I&apos;ve used, they&apos;re using my crypto as hostage.

Avoid, withdrawal takes months

Blockfi is big on promise, small on delivery. They have some kind of AI that routinely and arbitrarily flags accounts--probably just for a few weeks of sitting idle. I spent two hours trying to re-link my checking account so I could transfer money into Blockfi. Even though it was clearly linked and approved at my bank, there was always an error that read &quot;Transfer failed due to unlinked account.&quot; Of course it is linked, but some robot has it flagged for reasons only robots know. What a headache. I have 15 other financial service accounts with no problems. Not worth it. Closing my account...

Blockfi is Glitch City

Be aware of this so called company. They are scammers that will steal your money and answer with their standard copy paste reply here on Trustpilot if you leave a reviev:

&quot;Thank you for taking the time to share your experience, and we greatly apologize for any frustration caused by this. For security reasons we are unable to share what exactly triggers additional verification or account blockers, but we have passed this information to our security teams who will be in touch with you shortly with additional details.&quot;

This is crazy and I don&apos;t understand how these people are not in jail by now.

---------------EIDT--------------------
They have contacted Trustpilot and trying to take my review down..... These people have NO SHAME!

BIG WARNING! SCAMMERS!!

My first review was on June 22. Today is August 2. Do you think they returned MY money to me? No! They said make a request to your bank and return the money through it! But my account is closed in this bank and I have been trying to explain this to them for more than a month and a half and ask them to send me money by paper check or give me the opportunity to add a new bank account! SCAMMERS! DO NOT TRY TO TRUST THEM WITH YOUR MONEY! $9000 WAS STOLEN!

My first review was on June 22

Blockfi are bloody crooks
Very Slow withdrawals, takes days
High fees
Low rates paid on crypto

Blockfi are bloody crooks

US state authorities have opened a new front in the regulatory crackdown on the cryptocurrency business, taking aim at BlockFi, a company that has raised $14.7bn by offering interest-bearing crypto accounts.

In recent days Texas, New Jersey and Alabama have alleged the accounts amounted to an unregistered offering of securities. New Jersey ordered the company to stop offering the product from July 29, and the other US states threatened to take similar steps unless BlockFi could dissuade them.

“Our rules are simple: if you sell securities in New Jersey, you need to comply with New Jersey’s securities laws,” Andrew Bruck, the state’s acting attorney-general, said on Tuesday. “No one gets a free pass simply because they’re operating in the fast-evolving cryptocurrency market.”


New Jersey-based BlockFi said in a tweet its interest-bearing account “is not a security” and believed it was “lawful and appropriate for crypto market participants”. It added: “We remain steadfast in our commitment to fight for consumers’ rights to earn interest on their crypto assets.”

The regulatory flurry at the state level was particularly significant because it came as national authorities in Washington have been scrambling to formulate rules for cryptocurrencies.

There are real bipartisan concerns about investor protection

Alexis Goldstein, Open Markets Institute
Political observers noted that until July 16, the New Jersey attorney-general’s office had been headed by Gurbir Grewal, who has left the elected post to run the enforcement division of the Securities and Exchange Commission, making him a key figure in the emerging federal response to crypto.

The other intriguing aspect of the BlockFi clampdown was that it involved states on either side of the US political divide. New Jersey is a blue state. Alabama and Texas are red. Bipartisanship on cryptocurrencies, at least on some level, seemed a possibility.

“It is an unusual group of states,” said Alexis Goldstein, director of financial policy at the Open Markets Institute in Washington, adding: “There are real bipartisan concerns about investor protection.”

BlockFi received a $3bn valuation in March from investors including Bain Capital Ventures and Tiger Global Management and is reportedly seeking funds at a valuation as high as almost $4.8bn. The company said in March it was on track to produce more than $500m in yearly revenue.

The state regulators said BlockFi offered an “attractive” annual interest rate — of up to 8.6 per cent, according to the Texas filing — in return for deposits of cryptocurrencies such as bitcoin and ethereum in its BlockFi Interest Account, or BIA. As of March 31, the deposits amounted to “the equivalent of $14.7bn”, according to the New Jersey authorities.

BlockFi “then pools these cryptocurrencies together to fund its lending operations and proprietary trading”, the New Jersey filing said. It added that “BlockFi is free to use those assets as it sees fit, including commingling cryptocurrency with those of other BIA investors”.

US state authorities have opened a new…

6/17:  I deposited .44 BTC in exchange for 6% apy, which now is down to 4%.  

6/30: BTC starting to dump, so I ordered withdrawal BTC. I was going to sell it on different platform to avoid BF fee and horrible exchange rate.  BF locked withdrawal for ID verification,    so I verified ID.  BF then said funds would be available in a few days.

7/8/21: order still &quot;pending&quot;.  So I canceled my order and exchanged for USDC when BTC spot price was about 33500, but BF used an exchange rate of about 33200.  Then my USDC withdrawal order needed ID verification, which I did again.  Now my USDC withdrawal order is &quot;pending&quot; for &quot;estimated&quot; date of 7/12.

Is the illiquidity due to pending insolvency or incompetence? Who knows?  Good luck getting your $$ back

No liquidity, high fees, poor exchange rates.

Shady company. They keep lowering and tightening their interest rate &quot;tiers&quot;, which implies they do not actually want customer&apos;s deposits, just a large number of customers so they look good on paper to future investors and/or for an IPO. I submitted a withdrawal request on the morning of July 1st and it still has not been processed (July 6th), even though their app said it would process by close of business July 2nd. They will hold your money against your will! Avoid BlockFi.

Shady Company

Tried to make a withdrawal over the holiday weekend and the confirmation email sent stated they are closed on Monday and phones will be down or closed. Their phone number is not to be found anywhere. It seems to be a secret so why even bother telling us your phones are down. WARNING. Any company that hides their phone number from the public is not to be trusted. Customer service only avaible through chat.

Tried to make a withdrawal over the…

Under their own admission they don&apos;t know how much interest is being earned or paid to you, it is just an estimate. Are they paying you correctly? Maybe yes maybe no.

Under their own admission they don&apos;t…

Have been trying for over a month to set up my business account so I can use BlockFi.  It has been very slow frustrating process.  Still waiting!  I guess I will just have to use other services to invest in the crypto space.

Have been trying for over a month to…

You are dealing with **scammers**.  I was on the phone with one of these scammers (David), and he basically told me my Bitcoin is locked for 60 days as they may or not be able to let me withdraw. This occurred   within the first day of it clearing which is 4-5 days later as indicated on the website. I highly suggest if you have similar situation to file a complaint with The Attorney General’s Office in New Jersey.

You are dealing with **scammers**

ZERO customer service. They have no phone number. They have no way to contact them other than a BOT. Thats a complete waste of time as they just ignore whatever I add there. If they would actually respond to my request with the Bot as I see them try to do damage control in here that would be great. But they don&apos;t. I&apos;ve been waiting 2 months now for a reply. They did say they would get back to me so I did get a ticket number but nothing since. I have replied to the ticket 5 times with no reply. I have since submitted a form with their BOT and they ignore that too. The two month old one is ticket 240760. The 2nd one has no ticket as I received nothing acknowledging I tried to contact them. This is one shady outfit. Beware! Just read all the reviews and you will see. I read their terms of service and privacy policy. Thats a bunch of words they don&apos;t follow themselves.

ZERO customer service

This is a fraudulent company. Don&apos;t try to work with them. You won&apos;t be able to get your money back. I registered, passed verification, and sent them my documents. Added 7500 to the balance, waited one week. After that, I tried to withdraw a small part of the deposit to an external wallet. I waited for two more days, after which I was asked to pass an additional verification. Passed the verification.. After that, they blocked my account and said they couldn&apos;t give me MY MONEY back!!! Do not try to work with them, they are scammers!!!

FRAUD COMPANY

I am totally disgusted with the customer service at BlockFI. Here’s what happened to me. 

I attempted to transfer USD to my BlockFI account from my bank. BlockFI took my money but never credited my account. They then instructed me to wait 10 days and if the funds weren’t returned or credited to have my bank pull them back so I did. What did BlockFI do next? They reported a returned ACH on my account and REVERSED sales of BTC and ETH I had made during this time which cost me $2,000!

Did I get an explanation of what I did to deserve this? No.

What did they offer in compensation? $20…

This company is the worst I have ever dealt with.

Case number 260003.

Update 6/22… same conclusion as previously stated, this company cares nothing for its’ customers. Your escalation led to another “pound salt” response. My loss ended up being about $3,000 as they also instructed me to maintain my crypto position that they put me in while this was worked out.

Totally disgusted

I created an account in April and until now the account is not verified.
On their website it says that the account is approved in minutes and if it’s not approved in 48h they say to contact support.

I raised multiple tickets and the account is still unverified.

I created an account in April and until…

My name is Yessouf and I got extremely bad experience with blockfi
First of all, they cancelled my withdrawal request and blocked my account. I didn&apos;t get any kind of info and then they asked for verifications. I successfullypassed this one, but the process repeats and repeats
Then they blocked my account with no answer
Totally unsatisfied
Case 297665 still pending

Totally scam

Most frustrating experience so far in Crypto Space. Honestly, I do not have ANYTHING against BlockFi, only honestly reporting my experiences.

+ Onboarding + user experience in-app was good.

- Withdrawing funds lasts for 2days...? And even those time goals are getting delayed without any information up to 5days ... (other companies do so automated within minutes...??)

- customer support is incredibly slow, does not react or makes empty promises. I chased about !4! fu**ing months to get my BTC withdrawn. After several conversation and even 2 phone calls + finally threaten with my attorney they finally reacted.

- business model of BlockFi is highly suspect and there are severe accusations about being neither sustainable, nor profitable. 

Conclusion: On your own sake, keep away from BlockFi :((

Most frustrating Crypto experience so far …

For a blockchain-generation product, this is a joke. The mobile log in process is clunky, interest accrues only at the end of the month, withdrawals take days and each time you get asked to verify your identity again. If I were to do an excercise in how NOT to design a crypto savings account, it would look like BlockFi. Switch to Nexo, or even better, defi.

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