Peter Schiff to liquidate Euro Pacific Bank in settlement with Puerto Rican regulator – Featured Bitcoin News

Peter Schiff to liquidate Euro Pacific Bank in settlement with Puerto Rican regulator – Featured Bitcoin News

Gold Bug Peter Schiff settled with Puerto Rico’s financial regulator and agreed to liquidate his Euro Pacific Bank. Schiff emphasized that he does not admit to any legal wrongdoing.

Peter Schiff liquidates Euro Pacific Bank

Gold bug and notorious Bitcoin skeptic Peter Schiff has settled with Puerto Rico’s Office of the Commissioner of Financial Institutions, also known as the Oficina del Comisionado de Instituciones Financieras (OCIF), and has agreed to liquidate his Euro Pacific Bank. On Wednesday, he tweeted:

I have agreed to a settlement with Puerto Rican banking regulators that tasks me with leading the orderly liquidation of Euro Pacific Bank.

He noted that the liquidation of Euro Pacific Bank was based on a lack of regulatory capital.

The bank was not in compliance with Puerto Rico’s minimum capital requirements. Schiff earlier explained: “My team didn’t understand the rules. We were new to Puerto Rico. We were required to hold more capital than we thought.”

Schiff further stated 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 financial institution outside of Puerto Rico.”

He emphasized that, according to the bankruptcy administrator’s calculations, as of June 30, the day his bank was placed in bankruptcy, Euro Pacific Bank had an “excess cash position to cover all deposits.” Schiff further noted:

I do not admit any legal error, neither by the bank nor by me personally.

What do you think about Peter Schiff liquidating his Euro Pacific Bank? Let us know in the comments section below.

Peter Schiff to liquidate Euro Pacific Bank in settlement with Puerto Rican regulator – Featured Bitcoin News

Kevin Helms

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




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