🚨Crypto-friendly Silvergate Bank to “voluntarily liquidate” its assets and wind down operations, following inquiries from regulators and an inability to file its annual report.
🏦 The bank, which provided banking services to crypto companies and launched its own settlement tool, the Silvergate Exchange Network (SEN), faced inquiries from the Department of Justice and bank regulators, which prompted major crypto clients to suspend their relationship with the bank.
💰 Under the winding down, all deposits will be repaid in full, and the company is working on how to resolve claims and preserve its assets. The situation highlights the risks of banks being over-reliant on the volatile crypto sector. 💻