Peter Schiff, one of the most dedicated crypto and bitcoin critics in the world, faces ongoing challenges with his bank. In a recent climax 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 post $66.7 million in bails and $300,000 in fines under the agreement
Peter Schiff announced Tuesday that he has reached an agreement with Puerto Rican authorities to liquidate his bank, Euro Pacific International Bank. This is according to a report in the New York Times.
Amid the investigation launched, Puerto Rican authorities determined that the bank was insolvent. However, documents show that he had cash. In the terms of the liquidation, Schiff agreed to transfer $66.7 million of deposits to the authorities.
In addition, Schiff is to use gold as a substitute means of payment for any liquidity deficit. As part of the liquidation agreement, he also agreed to pay a fine of approximately $300,000. The Puerto Rico Banking Commission will release an official statement on the matter shortly.
Peter Schiff still hasn’t let up in his BTC criticism
Trouble with Peter Schiff’s bank began in late June when Puerto Rican financial regulators temporarily suspended it. They mentioned that the bank was under investigation over concerns that it was being used as a channel for tax evasion and money laundering. The suspension came after almost two years of investigations into the bank.
Following the suspension, Schiff expressed shock at the authorities’ decision. He noted that he’s an ardent supporter of compliance laws, although he doesn’t particularly like them. “Our compliance is so strict and we’re closing accounts so quickly,” he said.
Speaking further on this subject, he mentioned,
“I did everything by the book and it cost me a fortune. It’s a huge shock that they did that.”
Peter Schiff’s predicament caught the attention of the crypto space. This is because he remains a dedicated crypto critic. Most crypto advocates used the event to remind Schiff of the need for decentralization in finance.
Despite this, Schiff has not relented in his criticism of Bitcoin and cryptocurrencies in general. He recently took to Twitter to blast MicroStrategy’s Michael Saylor for his bullish Bitcoin comments. He remains a staunch supporter of gold, which he advises investors to opt for BTC.
Abigal .V. is a cryptocurrency writer with over 4 years of writing experience. She is focused on message writing and is adept at finding hot topics. She is a fan of cryptocurrencies and NFTs.
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