A settlement between California Attorney General Rob Bonta and Fidelity Digital Asset Services — the cryptocurrency arm of Fidelity Investments — has been reached over the firm's earlier policies that limited customers' access to withdrawing certain digital assets. On Friday, Bonta described the agreement as a measure that would address the firm's practice of preventing investors from withdrawing assets they had already purchased.
A $500,000 resolution between the state and Fidelity Digital Asset Services was detailed in documents released by California's attorney general. In a post on X, Bonta noted that a settlement had been reached with Fidelity over the company's earlier limitations on withdrawing certain cryptocurrencies, and added that while the cryptocurrency market may shift and evolve continuously, California law remains constant.
Fidelity's publicly available help documentation, as listed on fidelity.com, outlines a transfer framework for Fidelity Crypto accounts that operates on a continuous basis, with interruptions possible only during planned maintenance windows or when network conditions intervene. Funds acquired through recent crypto purchases remain accessible for withdrawal up to the limit shown in a holder's available-to-withdraw figure. Account holders face a baseline cash withdrawal cap of $2,000 per day, although those who apply for an elevated tier can access up to $25,000 within a single 24-hour period.
Five digital assets — Bitcoin, Ethereum, FIDD, Litecoin, and Solana — move through the platform via designated blockchain networks, with access varying depending on which state a customer resides in. According to documentation published on Fidelity's support pages, a Fidelity Crypto account becomes ineligible for both fund transfers and withdrawal-address management once any deposit or withdrawal restriction is placed on that account.
A $3.9 million agreement with Robinhood's cryptocurrency division was finalised by Bonta's office during the autumn of 2024. Under a settlement framework announced by the California Attorney General's office, the matter was closed following a probe into potential breaches of the California Commodities Law, with the resolution carrying both monetary penalties and stipulated behavioural obligations. Robinhood's crypto arm reached the $3.9 million settlement over allegations that users were blocked from withdrawing their digital assets during a four-year window spanning 2018 through 2022. That settlement obligated Robinhood to open up crypto withdrawal functionality for users moving assets into personal wallets, while also holding the platform accountable to the trading and order-handling commitments it had previously made to customers.
Under a settlement with the New York Attorney General's office, KuCoin was directed to wind down active trading for its existing New York user base to withdrawal functions only, while also committing to assist federal authorities with asset-freeze orders and requests for account information. Under a proposed federal settlement, Celsius Network and any affiliated entities would face a complete bar on holding or managing funds belonging to customers, alongside restrictions on making false or misleading claims about their offerings and a prohibition on sharing customers' private financial data without authorisation, according to the Federal Trade Commission.
Under California's Digital Financial Assets Law, a July 1, 2026 compliance deadline anchors a framework that the state's Department of Financial Protection and Innovation built to extend consumer, investor, and safety-and-soundness safeguards to residents engaging with digital financial asset products and services.
No breakdown has been provided by Bonta's office regarding which digital assets fell under Fidelity's earlier trading limits, how many account holders were affected, or what form of remedy — if any — those customers might be entitled to.
