A Statement From Silvergate Bank That Relieves Its Users About Stock Market Crashes!

Silvergate Bankfailed crypto exchange FTX and its affiliated hedge fund Alameda Research It is a company that specializes in serving fintech and crypto clients, including

An Explanation From Silvergate Bank We Will Take Care of Stock Market Crashes Without Wasting Time

He published a letter from his CEO to reassure his shareholders about their due diligence practices, risk management and reserves.

“Silvergate has made significant due diligence on its respective organizations, including FTX and Alameda Research, in line with our risk management policies and procedures and the requirements outlined above, both during the recruitment process and through ongoing monitoring,” CEO Alan Lane said in his message.

“As I mentioned earlier, if we detect unexpected or potentially alarming activity in any account, we will conduct an investigation and confidentially file a suspicious activity report in accordance with federal regulations as needed.”

While Lane said he is trying to combat misinformation spread by short sellers and other opportunists in the wake of FTX’s collapse, the message to investors also included confirmations on risk management and anti-money laundering compliance.

The bank CEO added that customers “continue to access their US dollar deposits when they need it, and the Silvergate Exchange Network (SEN) continues to operate uninterruptedly throughout this period.

A lawsuit filed against the bank last week alleged that bank and company officials were “accomplice and liable” for fraudulent losses in FTX’s collapse because the company “knowingly or negligently allowed FTX to divert customer deposits to Alameda Research.”

*Not investment advice.