“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” it said in a statement Wednesday. The bank’s plan includes “full repayment of all deposits,” it said.
The announcement comes roughly a week after Silvergate delayed its annual filing with the Securities and Exchange Commission, warning that it may go out of business. That news prompted the bank’s biggest crypto-industry clients, including Coinbase and Paxos, to pull their deposits. This story is developing.
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Source: Cointelegraph - 🏆 562. / 51 Read more »