A Step-by-Step Guide on How to Delete Your BlockFi Account

The recent downfall of cryptocurrency lending company BlockFi has left many customers considering deleting their accounts. Here is a step-by-step guide to smoothly closing a BlockFi account while protecting personal data and withdrawing any remaining assets.

A brief overview of BlockFi

BlockFi gained recognition as a cryptocurrency lender, enticing users with attractive deposit interest rates. However, on November 28, 2022, the company filed for Chapter 11 bankruptcy protection following the collapse of FTX, triggering instability in the cryptocurrency market. With debts owed to over 100,000 creditors, BlockFi’s decision suspended customer withdrawals, sparking considerable uncertainty among its user base.

Reasons for Deleting a BlockFi Account

Reasons for Deleting a BlockFi Account:

Before embarking on the deletion process, it’s essential to consider the motivations behind such a decision:

• Discontinuation of Platform Use: Users who no longer engage with BlockFi may delete their accounts to avoid unnecessary fees or charges.
• Privacy and Security Concerns: Given BlockFi’s data collection practices, individuals may seek to delete their accounts due to privacy or security apprehensions.
• Dissatisfaction with Services: Unhappy with BlockFi’s offerings or customer support, some users may prefer to switch to alternative platforms.
• Legal or Regulatory Worries: Regulation changes or compliance concerns may prompt users to delete their accounts to mitigate potential legal risks.
• Financial Hardship: In times of financial strain, deleting a BlockFi account can help prevent further losses or expenses.
• Streamlining Holdings: Individuals managing multiple cryptocurrency accounts may choose to consolidate by deleting their BlockFi account.
• Change in Investment Strategy: Shifting investment priorities may lead users to liquidate their cryptocurrency holdings on BlockFi.
• Cybersecurity Apprehensions: Concerns about account security may prompt users to delete their BlockFi accounts.
• Adverse Experiences: Poor customer service or difficulty withdrawing funds may drive users to delete their accounts to avoid future issues.

How to Delete BlockFi Account

Assuming you’ve concluded that removing your BlockFi account is the best option for you, here’s a step-by-step instructions to do so:

Step 1: Sign in to Your BlockFi Account

Begin the process of deleting your BlockFi account by signing in. Once logged in, you’ll gain access to your account settings, where the option to delete your account can be found.

Step 2: Access Your Account Settings

Following your login, navigate to your account settings. It can be achieved by clicking on your profile picture or the three horizontal lines in the screen’s top right corner. A dropdown menu will appear from there, presenting the “Settings” option.

Step 3: Locate the “Delete Account” Feature

Within your account settings, locate the “Delete Account” feature. While its exact placement may vary depending on your account configuration and device, it should be identifiable.

Step 4: Confirm Your Decision to Delete

Upon selecting the “Delete Account” option, BlockFi will prompt you to confirm your decision. Expect a warning message from BlockFi, ensuring you comprehend the consequences of account deletion. You will be required to acknowledge your understanding of these implications before proceeding.

Step 5: Adhere to Additional Instructions

After confirming your intent to delete your account, BlockFi might provide further instructions or prerequisites for account deletion. That could entail withdrawing any remaining funds from your account or terminating active services. Follow these directives meticulously to ensure the proper deletion of your account.

Additional tips on withdrawing from BlockFi

• Wallet Requirement Update: Effective October 13, 2023, BlockFi no longer supports withdrawals in fiat currencies. Consequently, you must utilize an external wallet to transfer your funds out of BlockFi. Examples of such external wallets include Coinbase Wallet, Exodus Wallet, Trust Wallet, MetaMask, Ledger Nano X, and Trezor Model T.

• Processing Time: Withdrawals from BlockFi are processed in batches. Consequently, there may be delays in processing your withdrawal, particularly during periods of high demand.

• Withdrawal Fees: BlockFi imposes withdrawal fees on all withdrawals. The specific fee varies depending on the cryptocurrency being withdrawn.

Conclusion

While BlockFi’s reopening of withdrawals signals a step forward in its recovery journey, challenges persist amidst ongoing legal proceedings and substantial debts. As the company navigates these obstacles, stakeholders will closely monitor its efforts to strike a balance and chart a path toward recovery.

In summary, deleting your BlockFi account requires careful consideration and adherence to the outlined steps, ensuring a smooth transition from the platform.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.