DFPI Announces Investigation Into Crypto Lending Company MyConstant
The Department of Financial Protection and Innovation (DFPI) is investigating crypto-related lending company CONST LLC (doing business as “MyConstant”), which is not licensed to operate in California by DFPI.
On November 17, 2022, MyConstant posted messages on its website that due to “the collapses of several cryptocurrencies so far this year and the rapidly deteriorating market conditions” it had paused consumer deposits and withdrawals.
On November 25, 2022, MyConstant informed customers that it intends to “implement an orderly liquidation to maximize and expedite customer recoveries.”
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The DFPI expects any person offering securities, lender, or other financial services provider that operates in California to comply with our financial laws. If you have been impacted by these events, please contact the DFPI online (dfpi.ca.gov/file-a-complaint) or call toll-free at (866) 275-2677.
The DFPI administers the state’s lending and banking laws, the recent California Consumer Financial Protection Law, and the state’s securities laws, which govern broker dealers, investment advisers, and commodities. Learn more at dfpi.ca.gov.
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