Fidelity Pays $500,000 In California Crypto Withdrawal Settlement
Summary
California reached a $500,000 settlement with Fidelity Digital Asset Services over past restrictions that prevented some customers from withdrawing purchased cryptocurrency to external wallets. The state said the restrictions violated commodity rules requiring physical delivery, while Fidelity disputes that it breached state law. Fidelity said it awaited approval from New York’s financial regulator; external transfers became available after approval in April 2025. The case reflects broader regulatory scrutiny of whether crypto buyers using financial-service platforms receive control of their assets.
