Breaking News: Crypto-Friendly Silvergate Bank Announces 'Voluntary Liquidation' - A Blow for Crypto Adoption?

Crypto-friendly US-based bank Silvergate Bank has begun the voluntary process of liquidation, according to a statement issued by the California Department of Financial Protection and Innovation (DFPI).

[{"selector":"#anim-c7435b89-76fe-44f2-8962-bdc513678f87","keyframes":{"transform":["translate3d(-128.95752%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e1351124-39fc-4881-acc7-55c15524afef","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8249369d-25fd-4dae-836f-2b2ff19eb16b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

The announcement of Silvergate Bank’s liquidation comes just a day after reports surfaced suggesting that the bank was discussing ways to avoid a shutdown with US federal officials.

[{"selector":"#anim-4ef1ebe3-0f15-477d-8c6a-d94a5f3f011f","keyframes":{"transform":["translate3d(131.07570%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b1c9e40b-d743-44fd-a75c-92db3cbe787e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e11e17f-c4f5-41ae-a343-ccea2e71ec7a","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The majority of the bank’s many crypto clients abandoned the bank earlier this month, sending its share price tumbling, after Silvergate delayed the filing of its annual 10-K filing report.

[{"selector":"#anim-86ec749e-f0e7-435a-a044-4515c141ef8f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8b05b23d-52fc-4028-8445-5c80b28c91af","keyframes":{"transform":["translate3d(0px, -297.78805%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The bank cited multiple reasons for the delay, including the need to respond to auditor requests, ongoing regulatory inquiries, and investigations.

[{"selector":"#anim-0dd70a69-7fdd-442e-948d-f688db072b70","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-575455cb-c488-4c28-834d-7b133c1a80e3","keyframes":{"transform":["translate3d(0px, 334.65059%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Make money from crypto tokens and change your life now by getting in touch with a crypto token development company.

[{"selector":"#anim-21936454-845e-4ab2-a937-ecdb9bc05684","keyframes":{"transform":["translate3d(119.20001%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-ccf3db43-9c1a-4775-97d5-edc274c614dd","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Contact us