Peter Schiff to Liquidate Euro Pacific Bank in Settlement with Puerto Rican Regulator – Bitcoin News

Gold bug Peter Schiff has settled with Puerto Rico’s financial regulator and agreed to liquidate his Euro Pacific bank. Schiff emphasized that he admitted no wrongdoing.

Peter Schiff liquidates Euro Pacific Bank

Gold bug and notorious bitcoin skeptic Peter Schiff settled with Puerto Rico’s Office of the Commissioner of Financial Institutions, also known as Oficina del Comisionado de Instituciones Financieras (OCIF), and agreed to liquidate its Euro Pacific bank. He tweeted on Wednesday:

I have agreed to a settlement with Puerto Rican banking regulators who task me with leading an orderly liquidation of Euro Pacific Bank.

He noted that the liquidation of Euro Pacific Bank is based on its lack of regulatory capital.

The bank was not in compliance with Puerto Rican minimum capital requirements. Schiff previously explained, “My team didn’t understand the rules. We were new to Puerto Rico. We were forced to keep more capital than we thought.

Schiff further clarified that the settlement agreement required him to submit “a plan for the orderly liquidation of the bank, to prioritize the return of 100% of deposits to customers, or the transfer of those deposits to another institution. financial outside of Puerto Rico.”

He pointed out that according to the trustee’s calculations as of June 30, the date his bank went into receivership, Euro Pacific Bank held “an excess cash position to cover all deposits”. Schiff also noted:

I do not admit any legal wrongdoing, whether on the part of the bank or me personally.

What do you think of Peter Schiff’s liquidation of his Euro Pacific bank? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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