For 2½ years, Fidelity’s California customers couldn’t withdraw their crypto. Here’s what the $500K settlement means and how withdrawals work now.
- Fidelity has agreed to pay California $500,000 for blocking crypto withdrawals for 2.5 years, violating the state's commodity delivery laws.
- The settlement, which does not compensate customers, stems from a similar case involving Robinhood Crypto and highlights the legal right to unrestricted access to purchased assets.
- While Fidelity Digital Assets now allows withdrawals, limitations like daily caps and restrictions on crypto IRAs remain, with the company admitting no wrongdoing.
Topics: Legal regulatory, Jurisdictions, Infrastructure providers, Securities law classification, Regulatory sandboxes pilots, Tokenization platforms
Tags: #fidelity #cryptowithdrawals #california #settlement #attorneygeneral #robinhoodcrypto #digitalassets #stablecoin #fidd #ira
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