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Crypto Bank Silvergate To Begin Self-Liquidation After Fed Approval – Crypto News
Crypto News: The US Federal Reserve on Thursday ordered the crypto-friendly collapsed bank, Silvergate, to carry on with its winding down operations. It gave the bank a 10 day deadline to submit detailed information regarding the process. However, Silvergate now has to choose a way to liquidate itself that preserves its funds and protects depositors.
Also Read: Fentanyl Shutdown Crypto-Funded Fentanyl Trade: US Senator Elizabeth Warren
As per the order, Silvergate is barred from making capital distributions, clearing cash assets and engaging in certain other activities without seeking regulatory approval. It added that the decision is made jointly with the Department of Financial Protection and Innovation of the State of California including Silvergate’s state supervisor
The crypto friendly bank declared in March that it would liquidate itself after witnessing a massive selloff. However, this event triggered the global banking crisis which came in just after a few months of horrific crypto market collapse. However, the digital asset market picked up pace during increased volatility in banking stocks.
The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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