Defunct centralized crypto lender BlockFi has confirmed it will commence initial crypto distributions via Coinbase in July.

The distributions will be processed in batches over the coming months, with eligible clients receiving a notification to their registered email address, BlockFi posted to X on Wednesday. However, “non-U.S. clients are unable to receive funds at this time due to the regulatory requirements applicable to them,” the firm noted.

“The Plan Administrator has been working tirelessly with the Joint Liquidators of BlockFi International to implement a distribution process for non-U.S. clients that complies with Bermuda regulation. Until all relevant stakeholders confirm that those requirements have been met, no further funds are approved for distribution to non-U.S. …