{"id":560794,"date":"2023-03-08T03:39:48","date_gmt":"2023-03-08T00:39:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/silvergate-reportedly-talks-with-fdic-on-ways-to-avoid-shutdown\/"},"modified":"2023-03-08T03:39:48","modified_gmt":"2023-03-08T00:39:48","slug":"silvergate-reportedly-talks-with-fdic-on-ways-to-avoid-shutdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/silvergate-reportedly-talks-with-fdic-on-ways-to-avoid-shutdown\/","title":{"rendered":"# Silvergate reportedly talks with FDIC on ways to avoid shutdown"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e06dc4c9bc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e06dc4c9bc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/silvergate-reportedly-talks-with-fdic-on-ways-to-avoid-shutdown\/#%E2%80%9D_Silvergate_reportedly_talks_with_FDIC_on_ways_to_avoid_shutdown_%E2%80%9C\" >&#8221; Silvergate reportedly talks with FDIC on ways to avoid shutdown &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Silvergate_reportedly_talks_with_FDIC_on_ways_to_avoid_shutdown_%E2%80%9C\"><\/span>&#8221; Silvergate reportedly talks with FDIC on ways to avoid shutdown &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMzczMDRhYWEtMjBhYi00MDYyLTlkNmMtMjZlZWVhNWQwYjU1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>United States banking regulators have reportedly been sent to Silvergate&#8217;s headquarters in La Jolla, California \u2014 looking for ways to save the crypto-friendly bank from a possible shutdown.\u00a0<\/p>\n<p>A Mar. 7 Bloomberg report <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-07\/silvergate-in-talks-with-fdic-officials-on-ways-to-salvage-bank\">citing<\/a> \u201cpeople familiar with the matter\u201d said Federal Deposit Insurance Corporation (FDIC) officials have been discussing ways to salvage the company with management. <\/p>\n<p>The FDIC is an independent government agency in the U.S. tasked with supervising financial institutions for safety, soundness and consumer protection, its website\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fdic.gov\/about\/\">states<\/a>. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">US regulators have been sent to the headquarters of Silvergate Capital, as the troubled crypto-friendly bank looks for a way to stay in business <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fq2sPWS7nV\">https:\/\/t.co\/fq2sPWS7nV<\/a><\/p>\n<p>\u2014 Bloomberg Crypto (@crypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/crypto\/status\/1633248443694219265?ref_src=twsrc%5Etfw\">March 7, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The FDIC examiners reportedly arrived at the firm\u2019s headquarters last week and have been reviewing the firm\u2019s books and records, one of the sources said. <\/p>\n<p>However, a decision has yet to be made on how it would deal with its financial strife, nor does FDIC involvement suggest a solution can\u2019t be reached without the regulator&#8217;s input, suggested another source.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Impact of the Silvergate collapse on crypto \u2014 Watch The Market Report live<\/em><\/strong><\/p>\n<p>Silvergate stock plummeted last week after the company announced a delay in the filing of its 10-K report \u2014 a document that would provide a comprehensive overview of the company\u2019s business and financial condition. <\/p>\n<p>At the time, it said it was \u201cevaluating the impact\u201d of market volatility and several high-profile bankruptcies in 2022 on \u201cits ability to continue as a going concern\u201d over the next 12 or so months.<\/p>\n<p>Uncertainty over Silvergate\u2019s financial situation has raised fears of an upcoming bankruptcy filing, which could prove costly for the rest of the industry. Silvergate stock plummeted over 50% on the New York Stock Exchange on Mar. 2 to $5.72, while crypto prices took a beating across the board<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ We maintain relationships with several banking partners. We are sensitive to the concerns around Silvergate and are in the process of unwinding certain services with them and notifying customers. Otherwise, all Circle services, including USDC are operating as normal.<\/p>\n<p>\u2014 Circle (@circle) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/circle\/status\/1631338087212101633?ref_src=twsrc%5Etfw\">March 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Within 24 hours after its 10-K delay announcement, Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos noted a scaling back of their individual partnerships with Silvergate. MicroStrategy, Binance and Tether also denied any meaningful exposure to the bank. <\/p>\n<p>As of the time of writing, Silvergate stock is priced at $5.21, down 70% over the past month, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.google.com\/finance\/quote\/SI:NYSE?hl=en\">according<\/a> to Google Finance. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/silvergate-reportedly-talks-with-fdic-on-ways-to-avoid-shutdown\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Silvergate reportedly talks with FDIC on ways to avoid shutdown &#8220; United States banking regulators have reportedly been sent to Silvergate&#8217;s headquarters in La Jolla, California \u2014 looking for ways to save the crypto-friendly bank from a possible shutdown.\u00a0 A Mar. 7 Bloomberg report citing \u201cpeople familiar with the matter\u201d said Federal Deposit Insurance&#8230;<\/p>\n","protected":false},"author":1,"featured_media":560795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/37304aaa-20ab-4062-9d6c-26eeea5d0b55.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75147,71939,117,67874],"class_list":["post-560794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bloomberg","tag-banks","tag-business","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=560794"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/560795"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=560794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=560794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=560794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}