Silvergate reportedly talks with FDIC on ways to avoid shutdown

Silvergate reportedly talks with FDIC on ways to avoid shutdown

Regulators are reportedly in urgent talks with Silvergate to find ways to save the crypto-friendly bank from a possible shutdown. 

A Mar. 7 Bloomberg report citing “people familiar with the matter” said Federal Deposit Insurance Corporation (FDIC) officials have been discussing ways to salvage the company with management.

The FDIC is an independent government agency in the U.S. tasked with supervising financial institutions for safety, soundness and consumer protection, its website states.

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

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— Bloomberg Crypto (@crypto) March 7, 2023

The FDIC examiners reportedly arrived at the firm’s headquarters last week and have been reviewing the firm’s books and records, one of the sources said.

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