Peter Schiff, one of the world’s most dedicated critics of crypto and Bitcoin is experiencing prolonged challenges with his bank. In a recent highlight of events, the American economist’s bank is set to be liquidated. This comes 6 weeks after Puerto Rican regulators suspended the institution.
Schiff will remit $66.7M in deposits & $300k fines as part of the agreement
Peter Schiff revealed on Tuesday that he has reached a deal with Puerto Rican authorities to liquidate his bank, Euro Pacific International Bank. This is according to a report by the New York Times.
Amidst the probe launched, Puerto Rican authorities noted that the bank was insolvent. However, documents reveal that it did have cash. In the liquidation terms, Schiff assented to the remittance of $66.7M in deposits to the authorities.
Additionally, Schiff is to use gold as a surrogate payment means for any cash deficit. As part of the liquidation agreement, he also consented to pay about $300,000 in fines. Puerto Rico’s banking commission will be releasing an official statement on the matter soon.
Peter Schiff has still not relented in his BTC criticism
The trouble with Peter Schiff’s bank started late June when Puerto Rican financial regulators temporarily suspended it. They mentioned that the bank was being probed over concerns of being used as a conduit for tax evasion and money laundering. The suspension came after almost two years of investigation launched into the bank.
Following the suspension, Schiff expressed shock at the decision the authorities reached. He noted that he is an ardent adherent of compliance laws, despite not liking them in particular. “Our compliance is so rigorous, and we close accounts so quickly,” he said.
Speaking further on the matter, he mentioned,
“I did everything by the book, and it cost me a fortune. It’s a huge shock that they’ve done this.”
Peter Schiff’s predicament caught the attention of the crypto space. This is due to the fact that he remains a dedicated critic of crypto. Most crypto proponents used the event as an avenue to remind Schiff of the need for decentralisation in finance.
Despite this, Schiff has not relented in his criticism of Bitcoin and cryptocurrencies in general. He has especially recently taken to Twitter to slam MicroStrategy’s Michael Saylor on his bullish Bitcoin comments. He remains a staunch advocate of gold which he advises investors to go for instead of BTC.
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