Fed board issues order to Silvergate Bank as part of self-liquidation plan By Cointelegraph
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The Federal Reserve Board of the United States has issued a consent order to Silvergate Bank and its parent company as part of the institution’s plans to “wind down operations” and liquidate.
In a June 1 notice, the Fed said Silvergate Capital (OTC:) Corporation and the bank will have 10 days to submit a self-liquidation plan in compliance with California and federal requirements that will wind down its operations. The firm announced in March it planned to shutter operations “in light of recent industry and regulatory developments,” becoming one of three major crypto-friendly banks to close.
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The Federal Reserve Board of the United States has issued a consent order to Silvergate Bank and its parent company as part of the institution’s plans to “wind down operations” and liquidate.
In a June 1 notice, the Fed said Silvergate Capital (OTC:) Corporation and the bank will have 10 days to submit a self-liquidation plan in compliance with California and federal requirements that will wind down its operations. The firm announced in March it planned to shutter operations “in light of recent industry and regulatory developments,” becoming one of three major crypto-friendly banks to close.
Continue Reading on Coin Telegraph
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