euro pacific bank, euro pacific bank sale, peter schiff, peter schiff sale, peter schiff sells, puerto rican regulator, puerto rico

Gold bug Peter Schiff has settled with Puerto Rico’s financial regulator and agreed to liquidate his Euro Pacific Bank. Schiff stressed that he is not admitting to any legal wrongdoing.

Peter Schiff Liquidating Euro Pacific Bank

Gold bug and notorious bitcoin skeptic Peter Schiff has settled with the Office of the Commissioner of Financial Institutions of Puerto Rico, also known as Oficina del Comisionado de Instituciones Financieras (OCIF), and agreed to liquidate his Euro Pacific Bank. He tweeted Wednesday:

I have agreed to a settlement with Puerto Rican banking regulators that tasks me with leading an orderly liquidation of Euro Pacific Bank.

He noted that the liquidation of Euro Pacific Bank is based on its having insufficient regulatory capital.

The bank was not in compliance with the Puerto Rican minimum capital requirements. Schiff previously explained: “My team didn’t understand the rules. We were new to Puerto Rico. We were required to keep more capital than we thought.”

Schiff further detailed that the settlement agreement asks him to submit “a plan for the orderly liquidation of the bank, in order to prioritize the return of 100% of deposits to customers, or the transfer of those deposits to another financial institution outside of Puerto Rico.”

He emphasized that according to the trustee’s calculations as of June 30th, the date his bank was placed into receivership, Euro Pacific Bank held “an excess cash position to cover all deposits.” Schiff additionally noted:

I am not admitting to any legal wrongdoing, either on the part of the bank or me personally.

TECH NEWS RELATED

Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar

Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange market last week, the Hong Kong Monetary Authority (HKMA) revealed it intervened in forex markets on Wednesday. Hong Kong’s central bank detailed ...

View more: Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar

Bitcoin, Ethereum Technical Analysis: Market Volatility Remains High, as BTC Climbs Above $19,000

Volatility in cryptocurrency markets remained high on Thursday, as markets began to consolidate following a recent red wave. Bitcoin was back above $19,000 in today’s session, with ethereum also rebounding following recent losses. As of writing, the global crypto market cap is up 2.43% Bitcoin Bitcoin (BTC) was trading ...

View more: Bitcoin, Ethereum Technical Analysis: Market Volatility Remains High, as BTC Climbs Above $19,000

Russia Said to Allow Crypto Mining in Regions With Hydroelectric and Nuclear Power

Cryptocurrency mining should be allowed in areas with excess energy and prohibited in those that experience deficits, according to Russian officials preparing to legalize it. An expert from the crypto industry has recently marked the regions where Moscow is likely to authorize mining and the ones where it will ...

View more: Russia Said to Allow Crypto Mining in Regions With Hydroelectric and Nuclear Power

Bitcoin․com To Deploy Verse Development Fund To Expand Ecosystem

press release PRESS RELEASE. Bitcoin.com, a digital ecosystem and secure self-custody platform where users can accessibly and safely interact with cryptocurrencies and digital assets, is launching the Verse Development Fund, an initiative to accelerate growth and innovation in Bitcoin.com’s Verse ecosystem. In addition, the fund will empower projects that ...

View more: Bitcoin․com To Deploy Verse Development Fund To Expand Ecosystem

Robinhood and Circle Partner to Let Exchange and Wallet Users Utilize the Stablecoin USDC

After Robinhood Markets launched the company’s beta Web3 wallet on Tuesday and listed the stablecoin usd coin on the exchange platform Robinhood Crypto last week, the company announced a strategic partnership with Circle Financial. The deal revealed on Wednesday will provide Robinhood Crypto and Robinhood Wallet users with the ...

View more: Robinhood and Circle Partner to Let Exchange and Wallet Users Utilize the Stablecoin USDC

Chainlink and CF Benchmarks to Bolster Onchain Transparency via CF Bitcoin Interest Rate Curve Product

On Wednesday, the decentralized oracle network platform, Chainlink, announced the launch of a market-wide interest rate product for Web3 protocols and the decentralized finance (defi) economy, called the CF Bitcoin Interest Rate Curve (CF BIRC). Chainlink revealed the new product at Smartcon 2022 in New York City, and the ...

View more: Chainlink and CF Benchmarks to Bolster Onchain Transparency via CF Bitcoin Interest Rate Curve Product

HistoryDAO’s Mission to Take History From the Victors and Give It to the Masses

sponsored Humans have sought to preserve memories since prehistoric times, etching images into cave walls and tying knots into a crudely fashioned cord. Tribes and clans gave birth to language that could preserve the past in words, and words found their way into print forms, thereby conceiving history. In ...

View more: HistoryDAO’s Mission to Take History From the Victors and Give It to the Masses

French Central Banker Warns Complex Crypto Regulations Could Create 'Uneven Playing Field'

The governor of France’s central bank, François Villeroy de Galhau, has urged EU regulators to “avoid adopting diverging or contradictory regulations, or regulating too late.” He warned that “To do so would be to create an uneven playing field, risking arbitrage and cherry picking.” French Central Bank Governor Warns ...

View more: French Central Banker Warns Complex Crypto Regulations Could Create 'Uneven Playing Field'

Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take 'at Least a Couple of Years'

Stablecoin Economy Continues to Deflate — USDC's Market Cap Shed $6.7 Billion in 83 Days

Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

Mirandus: Open World MMORPG Finally in Web3

Settlements With China — Russia Plans Next Step for Digital Ruble

Web3 and How It Helps the Environment - Dave Uhryniak of TRON DAO Explains

Bank of England Suspends Tightening Policy as Pound Nosedives — Central Bank to Start Purchasing Long-Dated UK Government Bonds

Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low

Bitcoin Network's Mining Difficulty Drops for the First Time in 2 Months

Wanchain Launches Cross-Chain USDT XFlows With Bridge Upgrade

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower as Powell Claims There Are 'Structural Issues' With Cryptocurrency

Australia Issues White Paper for Central Bank Digital Currency

OTHER TECH NEWS

Top Car News Car News