Finance
Silvergate Pays $63 Million to Settle US Regulators’ Probes
- Bank collapsed after FTX’s implosion led to run on deposits
- Lender didn’t admit to or deny Fed, SEC, California claims
This article is for subscribers only.
Silvergate, the California lender done in by the collapse of crypto exchange FTX, agreed to pay $63 million to settle state and federal probes on Monday.
The Federal Reserve announced the penalties against the bank, owned by Silvergate Capital Corp. The Fed portion of the fine is $43 million, and the California Department of Financial Protection and Innovation makes up the remainder. The Securities and Exchange Commission also said it settled with the lender.