The U.S. Securities and Exchange Commission (SEC) sued Silvergate Capital Corporation on Monday. Although Silvergate, the parent company of crypto-friendly Silvergate Bank, told the public and shareholders that it complied with Bank Secrecy Act/anti-money laundering regulations, it allegedly did not comply with these regulations. The SEC also sued former CEO Alan Lane, former COO Kathleen Fraher, and former COO Antonio Martino. 🏦🔍

The SEC alleged that Silvergate failed to detect approximately $9 billion in suspicious transfers by FTX. FTX filed for bankruptcy in November 2022.

Silvergate had been the bank of choice for crypto businesses, but voluntarily closed down under heavy industry headwinds. Silvergate was one of the first three tech-related banks to close during the so-called "crypto winter" of this period.

What do you think of Silvergate? We are waiting your comments! 👇