A wave of customer complaints about frozen accounts at a popular US bank has reportedly triggered a review from the Better Business Bureau. For the second week in a row, a group of customers at the Walmart and TurboTax-linked Green Dot Bank have said they are completely unable to access their funds, reports NBC News. […]
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Silvergate is losing its CEO Alan Lane and two other top executives as part of an ongoing wind-down of the once crypto-friendly bank.
Silvergate CEO Alan Lane and two other key executives are set to depart from their positions amid a wind-down of the once crypto-friendly bank.
Lane and the firm’s chief legal officer John Bonino will depart on Aug. 15, while Antonio Martino, chief financial officer of the company, will depart on Sept. 30.
In an Aug. 15 filing to the Securities and Exchange Commission, the bank’s parent company Silvergate Capital said the departures are part of its previously disclosed plan to wind down operations and voluntarily liquidate Silvergate Bank.
A story as old as time.
— Daniel Prince (@PrinceySOV) March 10, 2023
-Silvergate Bank is a California bank operating from 1988 to 2023.
-The company began providing services for CrYpTO users in 2016.
-In March 2023, the bank announced plans to wind down and liquidate.#bitcoin only.
Silvergate noted the three departing executives will not be entitled to any further compensation under their respective employment agreements but will receive severance benefits.
The departures come amid a wave of proposed lawsuits involving the bank.
Silvergate and Lane are named in multiple proposed lawsuits mostly revolving around its alleged role in the misconduct of crypto exchange FTX.
In May, the Texas-based Word of God Church also sued the bank alleging it used $25 million of church deposits to participate in FTX’s “fraudulent” scheme, adding Silvergate and Lane had "unparalleled knowledge of the rampant fraud and corporate malfeasance."
Another proposed class action alleged the bank did not perform adequate due diligence on the crypto firms it brought on as clients, such as FTX, Alameda and North Dimension.
Other customers, according to the suit, include Binance.US, Huobi Global, Nexo Capital, and Bittrex.
Related: Binance sold USDC for BTC and ETH after Silvergate Bank collapse: PoR report
In March, Silvergate announced it would be winding down its bank’s operations after suffering $1 billion worth of losses as a consequence of the FTX’s demise, one of Silvergate’s leading clients.
The bank’s collapse sent reverberations through the crypto ecosystem and the United States banking sector as it was one of the few regulated financial institutions providing banking services to crypto firms and exchanges.
Alan Lane (@SilvergateCEO) recently took Silvergate Bank public.
— Pomp (@APompliano) November 19, 2019
They have become one of the most important pieces of infrastructure in the industry.
He tells me everything in this interview, including why he believed in Bitcoin before his peers https://t.co/VKx31h2HJQ
Lane’s role will be taken over by Kathleen Fraher, the chief transition officer of the company, while Martinos’ role will be helmed by the current chief accounting officer of the bank, Andrew Surry.
Big Questions: Did the NSA create Bitcoin?
An apparent banking blunder is going viral after a Reddit user reported a truly massive withdrawal from his JPMorgan Chase account. A post shot to the front page of Reddit after the user said the bank abruptly withdrew over $99 billion from his checking account. According to the user, the withdrawal automatically caused his account […]
The post $99,000,000,000 Withdrawal Goes Viral As JPMorgan Chase Accused of Initiating Massive Transaction and Freezing Bank Account appeared first on The Daily Hodl.
European lending giant BNP Paribas is currently in talks with US regulators to settle probes over its employees’ use of messaging applications that may have violated rules on record keeping. According to the bank’s latest earnings report, BNP Paribas Securities Corp, the firm’s US-registered broker-dealer, is being investigated by the U.S. Securities and Exchange Commission […]
The post Billion-Dollar Bank Facing US Government Investigation For Allegedly Dodging Rules on Record Keeping appeared first on The Daily Hodl.
Global banking giant UBS has been fined more than a quarter billion dollars for misconduct at Credit Suisse, its new subsidiary acquired in June. In a press release from the Board of Governors of the Federal Reserve, the Fed says the charges are centered on Credit Suisse’s “unsafe and unsound counterparty credit risk management practices” […]
The post Trillion-Dollar Bank Pays $268,500,000 Fine Over ‘Unsafe and Unsound’ Risk Management Practices At Newly-Acquired Subsidiary appeared first on The Daily Hodl.
A judge in Lebanon has reportedly seized several luxurious properties from a central banker accused of embezzlement, money laundering and tax evasion. The courts will control central bank governor Riad Salameh’s properties while he faces judicial probes on the source of his wealth, reports the AFP. The news agency cites an anonymous official in the […]
The post Central Bank Chief Accused of $300,000,000 Embezzlement, Money Laundering and Tax Evasion Scheme Has Luxury Property Seized: Report appeared first on The Daily Hodl.
Three banking giants and an additional financial institution are paying a multimillion-dollar fine for their role in a global billion-dollar fintech scam. The Monetary Authority of Singapore (MAS) has fined DBS, OCBC, Citibank Singapore and Swiss Life for violating anti-money laundering and anti-terror financing laws connected to the $2.1 billion Wirecard AG scam. The MAS […]
The post $992,000,000,000 Banking Giants Fined for Role in Global Billion-Dollar Payments Scheme appeared first on The Daily Hodl.
A former big wig banker is accusing JPMorgan Chase of hiding a cluster of bombshell emails about the financial giant’s relationship with Jeffrey Epstein. James Staley’s attorney is asking a federal judge to compel JPMorgan to hand over in-house emails that will allegedly prove the bank knew about Epstein’s criminal behavior, reports RadarOnline, citing newly […]
The post JPMorgan Chase Is Hiding Bombshell Emails on Bank’s Relationship With Jeffrey Epstein, Alleges Former Banking Big Wig appeared first on The Daily Hodl.
Tech titan Google is launching an artificial intelligence (AI) based anti-money laundering system after working with banking giant HSBC. According to a new statement by Google Cloud, the firm is launching a new system to help global financial institutions more efficiently detect money laundering. The product is designed to improve the traditional methods of countering […]
The post Google Launches ‘Anti Money Laundering AI’ in Collaboration With Banking Giant HSBC appeared first on The Daily Hodl.
One of Russia’s biggest banks is reportedly launching a new cross-border payments system utilizing crypto assets. According to a recent report by the Russian publication Vedomosti, a representative of Rosbank says that the institution is already conducting test transactions with private and corporate clients. Though it isn’t clear which digital assets the bank will support […]
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