TechFlow reported, according to Reuters, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit in federal court against crypto bank Silvergate Capital, accusing it of securities fraud.
The SEC stated that following the collapse of FTX in 2022, Silvergate misled investors regarding its bank secrecy practices, anti-money laundering compliance programs, and its deteriorating financial condition. At the same time, the bank failed to monitor nearly $9 billion in suspicious transfers involving FTX and its affiliated entities.
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