{"id":562057,"date":"2023-03-10T20:04:52","date_gmt":"2023-03-10T17:04:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/silicon-valley-bank-shut-down-by-california-regulator\/"},"modified":"2023-03-10T20:04:52","modified_gmt":"2023-03-10T17:04:52","slug":"silicon-valley-bank-shut-down-by-california-regulator","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/silicon-valley-bank-shut-down-by-california-regulator\/","title":{"rendered":"# Silicon Valley Bank shut down by California regulator"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a35788a9ff5a\" 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-6a35788a9ff5a\" 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\/silicon-valley-bank-shut-down-by-california-regulator\/#%E2%80%9D_Silicon_Valley_Bank_shut_down_by_California_regulator_%E2%80%9C\" >&#8221; Silicon Valley Bank shut down by California regulator  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Silicon_Valley_Bank_shut_down_by_California_regulator_%E2%80%9C\"><\/span>&#8221; Silicon Valley Bank shut down by California regulator  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California\u2019s financial watchdog on March 10 \u2014 marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023.\u00a0<\/p>\n<p>The California Department of Financial Protection and Innovation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fdic.gov\/news\/press-releases\/2023\/pr23016.html\">confirmed<\/a> that Silicon Valley Bank was ordered to close but did not specify the reason for the shutdown. The California regulator <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed the FDIC as the receiver to protect insured deposits.\u00a0<\/p>\n<p>Depositors \u201cwill have full access to their insured deposits no later than Monday morning, March 13, 2023,\u201d read the official statement. The regulator explained that uninsured depositors would be given a \u201creceivership certificate for the remaining amount of their uninsured funds\u201d and entitled to future dividend payments once the FDIC sells all Silicon Valley Bank assets.<\/p>\n<p>Silicon Valley Bank, which is also known as SVB, operated 17 branches across California and Massachusetts. All branches and the main office will be open on March 13 to facilitate depositor access.<\/p>\n<p>SVB is one of the United States\u2019 20 largest banks by total assets. The bank\u00a0provided financial services to several crypto-focused venture firms, including Andreessen Horowitz and Sequoia.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin battles $20K as trader calls bank chaos \u20182008 all over again\u2019<\/em><\/strong><\/p>\n<p>The bank\u2019s downfall was swift, coming less than 48 hours after management <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/s201.q4cdn.com\/589201576\/files\/doc_downloads\/2023\/03\/Q1-2023-Mid-Quarter-Update-vFINAL3-030823.pdf\">disclosed<\/a> that they needed to raise $2.25 billion in stock to shore up operations. The announcement was part of SVB\u2019s mid-quarter financial update, where it disclosed the sale of $21 billion in securities at a $1.8 billion loss.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/2dce2a25-0bf0-493b-9847-76542bd974ba.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>SVB stock was trading north of $280 at the start of the week. Before trading was halted, the stock was worth $106.08. Source: Yahoo Finance<\/em><\/figcaption><\/figure>\n<p>Trading in SVB stock was halted on March 9 due to extreme volatility. The stock\u2019s 60% drop was the biggest single-day wipeout in history, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-03-10-2023\/card\/svb-stock-price-slides-another-29-premarket-gdGa9ANN0vNESUUorGqm\">according<\/a> to The Wall Street Journal.<\/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\/silicon-valley-bank-shut-down-by-california-regulator\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Silicon Valley Bank shut down by California regulator &#8220; Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California\u2019s financial watchdog on March 10 \u2014 marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023.\u00a0 The California Department of Financial Protection and Innovation confirmed that Silicon Valley&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562058,"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\/012c4ec3-905a-4d8b-b414-23f3a96b8c32.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,71939,117,71511],"class_list":["post-562057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-banks","tag-business","tag-government"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562057","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=562057"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562057\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562058"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}