🧵 1. Federal Reserve lifts enforcement action against Silvergate Bank after fines totaling $63 million; bank has completed liquidation and repaid all deposits. #crypto
🧵 1. Federal Reserve lifts enforcement action against Silvergate Bank after fines totaling $63 million; bank has completed liquidation and repaid all deposits. #crypto
🧵 2. Silvergate faced penalties for anti-money laundering deficiencies; also fined by California regulator and SEC following closure due to FTX collapse.
🧵 3. Silvergate to liquidate assets after FTX crisis led to shutdown; closure linked to industry and regulatory changes, impacting SEN platform operations.
🧵 4. FTX co-founder, Bankman-Fried, sentenced for mishandling funds; Silvergate's winding down follows deal with regulators to ensure depositors were protected.
🧵 5. Federal Reserve's action against Silvergate highlights regulatory scrutiny in crypto banking sector, emphasizing compliance and risk management for financial firms.
🧵 Read more at: https://dailyhodl.com/2024/07/27/federal-reserve-ends-enforcement-action-against-crypto-friendly-bank-silvergate-after-levying-43000000-fine/