Crypto Bank Silvergate Ends Operations: To Be Liquidated

Silvergate Capital Corp announced that the digital asset-focused investment bank Silvergate Bank (SI) will cease operations and liquidate the bank by returning client assets.

Silvergate Capital Corp. March 8 In its statement to the U.S. Securities and Exchange Commission on voluntarily aspect liquidation stated that he would. The latest in the cryptocurrency industry improvements And regulatory environment your best option considering controlled One liquidation The bank, which states that it is their assets back after paying left over after technology And their assets How you will protect He said he was thinking.

California Department of Financial Protection and Innovation Commissioner (DFPI) Clothilde Hewlett said in a statement on the subject that the institution will be willing to liquidate Silvergate. trustworthy And fast to help him do it somehow follow closely stated that he did. Hewlett also noted that the department’s financial compliance with the liquidation suitability Besides the security And health obligations whether it fulfills you’re reviewing told.

Bank’s bankruptcy in the US Senate to anti-crypto senators he had the right to speak. Chairman of the Senate Banking Committee Sherrod Brownlike a bank’s cryptocurrencies, while noting that the effects of the FTX crash remain to be seen. overly risky assets to trust of the results He said it can be seen on Silvergate. Another known for its anti-cryptocurrency Senator Elizabeth Warren while Silvergate although not illegal against risky activities regulators have warned now against the crypto money industry to take a step stated that it should.

On the other hand, many actors from the crypto money sector and traditional finance sector your failure U.S. crypto users’ access to the banking system even more for the restriction not using stated that it should. actors, tight however applicable your regulations while protecting customers leading to innovation won’t cut seemed to agree.

What had happened?

Last week’s annual finance reports to declare the required bank from the SEC requesting additional time, already after FTX bankruptcy 1 billion over the dollar damage explaining and From Faderal Home Loan Bank 4.3 billion is in a financially difficult situation by taking a dollar loan revealing against the bank raising suspicion had caused. Upon the request of additional time, the largest cryptocurrency exchange in the USA was among them during the week. Coinbase’s Almost all of its major business partners, including , had cut off their commercial relations with Silvergate.

Investor known for his open positions in financial markets Marc Cohodesthe bank next week its activities to be able to continue himself you will surprise he had said. cohodes, while successful in predicting according to data last year November And December In the current situation, the average of the short positions opened in the months 4.500% made a profit.

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