Peter Schiff’s Euro Pacific Bank Suspended By Puerto Rico Regulators — Schiff Insists No Evidence Of Crime – Regulation Bitcoin News

Peter Schiff’s Euro Pacific Bank Suspended By Puerto Rico Regulators — Schiff Insists No Evidence Of Crime – Regulation Bitcoin News

Puerto Rico’s financial regulator has suspended Peter Schiff-owned Euro Pacific Bank. Schiff claims there is “no evidence of wrongdoing”, warning that “accounts are frozen and customers may lose money”.

Puerto Rico’s regulator has suspended Peter Schiff’s bank

Euro Pacific Bank, owned by notorious bitcoin skeptic and gold bug Peter Schiff, has been suspended by Puerto Rico’s Office of the Commissioner of Financial Institutions, also known as the Oficina del Comisionado de Instituciones Financieras (OCIF).

Insisting there was no evidence of criminality at the bank, Schiff tweeted on Sunday:

Despite no evidence of wrongdoing, Puerto Rico regulators shut down my bank anyway due to net capital issues… As a result, accounts are frozen and customers may lose money.

On June 30, the Puerto Rican financial regulator announced that it had issued an “Appeal and Cease and Desist Order” and “Interim Order Appointing Trustee” against Euro Pacific Intl. Bank Inc.

“The order orders the suspension of Euro Pacific’s operations … due to its gross non-compliance with minimum capital requirements,” OCIF detailed. “Further, the order imposes administrative penalties on Euro Pacific totaling $765,000.00 for various violations of laws and regulations administered by OCIF.” The regulator elaborated:

Euro Pacific’s serious insolvency situation is sufficient legal justification for OCIF to take the administrative action announced today.

Euro Pacific Bank posted a notice on its website saying: “We are maintaining a transaction pause until at least July 7, 2022 in order to review their request.

Lack of compliance, Schiff claims he has a buyer for Euro Pacific Bank

Schiff was trying to sell Euro Pacific Bank, but claims OCIF blocked the sale.

“I have a buyer for the bank. But the regulators won’t let me sell it,” Schiff wrote on Twitter, claiming the buyer was “highly qualified” and had promised to “invest capital far in excess of the regulatory minimum.”

A Bitcoin skeptic said: “They want to liquidate him so the media, IRS and J5 can pretend he’s closed for tax evasion and money laundering, even though there was no evidence in the bank for either.”

In another tweet, Schiff acknowledged that his bank was not in compliance with Puerto Rican minimum capital requirements. He explained:

My team didn’t understand the rules. We were new to PR [Puerto Rico]. We were required to hold more capital than we thought.

“I was ready to put in the surplus, but the OCIF commissioner told me that I don’t have to because the deficiency will be eliminated according to the terms of the sale,” he claims.

Asked on Twitter about how big the shortfall was and how long the capital requirements had been an issue, Schiff said, “It was a few million.”

Euro Pacific Bank was under investigation by tax authorities in five countries in 2020. Schiff acknowledged that he was accused of tax evasion, but stressed that the allegations were false and that no charges had been filed.

What do you think about the situation of Peter Schiff’s Euro Pacific Bank? Let us know in the comments section below.

Peter Schiff’s Euro Pacific Bank Suspended By Puerto Rico Regulators — Schiff Insists No Evidence Of Crime – Regulation 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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