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The Federal Reserve has ended its enforcement action against Silvergate Bank and its holding company after the lender completed its wind-down plan. Silvergate, a California-based crypto bank, was the first bank to fail in the 2023 banking crisis and was liquidated by its parent company rather than being seized by the FDIC. The bank's collapse last year had a significant impact on the crypto market. Silvergate has settled $43 million in fines related to AML breaches.
Is this the bottom signal for banks scrutinising crypto? https://t.co/Fp8PTVwkho
The Federal Reserve concluded an enforcement action requiring Silvergate Bank to close out its operations safely and smoothly, tying up a loose thread from the California-based crypto bank's move to shut itself down after tanking last year. https://t.co/jjli0oJ3Dl https://t.co/EDI0X2F9ox
Federal Reserve ends enforcement action against Silvergate Bank after successful liquidation via @Saajthebard https://t.co/RrJLfBAqXM
