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).

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.

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.

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

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