Connect with us

Hi, what are you looking for?

Joyful Retirement SecretsJoyful Retirement Secrets

Tech News

Silvergate Bank didn’t adequately monitor $1 trillion in crypto transactions, SEC says

Illustration of coins passing through the pillars of the Supreme Court portico
Illustration by Alex Castro / The Verge

Silvergate Bank, once a cornerstone of the crypto financial world until its collapse in early 2023, defrauded its investors by lying about its anti-money laundering controls and misleading investors about how the fallout from the FTX collapse would affect it, the Securities and Exchange Commission says in a lawsuit. Also named in the suit were the company’s chief executive officer, chief risk officer, and chief financial officer.

Silvergate agreed to pay $50 million to settle the charges, without admitting or denying the allegations, the SEC said in a statement. CEO Alan Lane and CRO Kathleen Fraher also settled for $1 million and $250,000 each.

Silvergate said it had an effective anti-money laundering (AML) program tailored specifically…

Continue reading…

You May Also Like

Tech News

Dr Disrespect at a golf tournament in January 2024. | Photo by Orlando Ramirez/Getty Images Twitch abruptly banned one of its biggest stars —...

Tech News

Photo by Monica Chin / The Verge Asus’ reputation for customer support has been tarnished, and the company is now pledging a long list...

Editor's Pick

Scott Lincicome On June 12, I testified before the Joint Economic Committee (along with Cato’s own Adam Michel) on the current state of US industrial...

Tech News

Image: David Pierce / The Verge Hi, friends! Welcome to Installer No. 42, your guide to the best and Verge-iest stuff in the world....