Silvergate agrees with Fed deadline for wind-down plan of crypto-friendly bank

Silvergate Bank has agreed with a Federal Reserve order to file a self-liquidation plan with California financial regulators within 10 days.

This order, announced by the Federal Reserve’s Board of Governors on Wednesday, marks a significant step in the process of winding down the operations of the crypto-friendly California bank. In line with the order, Silvergate Bank is required to carefully manage its cash and other resources to ensure the full repayment of depositors.

The plan for liquidating the bank’s assets must receive approval from the California Department of Financial Protection and Innovation, although there is a possibility of obtaining an extension for the deadline to submit the plan. It is worth noting that Silvergate Bank had previously announced in March its intention to cease operations following the failure of its business.

Read more: The Block