The parent company of Silvergate Bank, known to many in the industry as a leading cryptocurrency bank, has announced plans to “wind down operations” and liquidate the bank.
In a March 8 announcement, Silvergate Capital Corporation said the decision to close operations was “in light of recent industry and regulatory developments.” According to the company, Silvergate Bank’s liquidation plan included “the full refund of all deposits.”
Many cryptocurrency firms, including Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital, announced in March that they would cut ties with the bank in the wake of an investigation into Silvergate’s alleged involvement in the FTX collapse. The bank said it would shut down its exchange network on March 3, citing the termination as a “risk-based decision.”
This is a developing story, and more information will be added as it becomes available.
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