According to Reuters, the U.S. Securities and Exchange Commission (SEC) sued crypto bank Silvergate Capital in a federal court, accusing it of securities fraud.
The SEC said Silvergate misled investors about its banking secrecy, anti-money laundering compliance program, and poor financial condition after the collapse of FTX in 2022. At the same time, the bank failed to detect nearly $9 billion in suspicious transfers from FTX and its affiliated entities.
