Silvergate clients flee as stock price plummets and regulatory questions mount across the industry. Options for crypto banking partners are dwindling.
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Trouble Brewing In Crypto-Land
Developments around crypto on- and off-ramps have been heating up, as Federal Reserve Member Bank Silvergate Capital watched its depositors flee and its stock price plummet. Along with Signature Bank, Silvergate is the other key U.S. bank that works closely with the crypto sector.
The reason for the extreme concentration of banking interests that are willing to deal in the crypto sector is the general lack of regulation around know-your-customer and anti-money laundering (KYC/AML) policy that exists in the industry for offshore entities, as well as the i
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