Silvergate Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
Federal and state enforcement action
The Federal Reserve Board and California Department of Financial Protection and Innovation announced penalties totaling $63 million over deficiencies in Silvergate’s internal transaction-monitoring systems.
2024
SEC allegations concerning FTX-related transfers
The SEC alleged that Silvergate Capital misled investors about its anti-money-laundering compliance program and failed to detect nearly $9 billion in suspicious transfers involving FTX and related entities. The company settled without admitting or denying the allegations.
2022
Scrutiny over FTX relationships and compliance controls
After FTX collapsed, lawmakers, regulators, investors, and market participants scrutinized Silvergate’s deposits from FTX, its role in the cryptocurrency payments ecosystem, and the effectiveness of its anti-money-laundering and transaction-monitoring systems.