🚨#CryptoNews: Silvergate Capital, parent company to crypto-friendly Silvergate Bank, is in hot water with the SEC! 🔥 The SEC alleges that the bank failed to meet anti-money laundering regulations, despite public claims to the contrary.

Key players, including former CEO Alan Lane and former COOs Kathleen Fraher and Antonio Martino, are also under fire. The SEC claims that despite warnings from government examiners, the bank did not conduct sufficient suspicious activity monitoring.

The plot thickens as the SEC alleges that Silvergate failed to detect nearly $9 billion worth of suspicious transfers by FTX, which filed for bankruptcy in November 2022.

Despite warnings from Bank Secrecy Act examiners, Silvergate's team allegedly continued to claim no risk factors in its quarterly or annual reporting.

Silvergate, once the go-to bank for major crypto businesses, voluntarily folded under the sector's pressure and was the first of three tech-tied lenders to be shuttered during the so-called crypto winter.

What's your take on this? Do you think this will impact the crypto market? Let's discuss in the comments! 👇 #SEC #Silvergate #CryptoBanking