The Collapse of Silvergate: How the Bank's Troubles Are Impacting the Crypto Market
Silvergate, a bank based in California that primarily handles cryptocurrency transactions, recently announced that there would be a delay in the filing of its annual report. This news has sent shockwaves throughout the industry, particularly in light of the FTX failure that occurred in November of last year. As a result, stock prices have dropped by more than 10 percent in after-hours trading, according to Coindesk, and investors and customers alike are concerned.
Silvergate has stated that it is being forced to delay the filing of its 10-K report for the 2022 fiscal year, and has indicated that it is examining regulations more closely. In its filing document, the bank stated that it "is currently reviewing certain regulatory and other inquiries and investigations that are pending.