Advertisement
AD

Main navigation

Bitcoin Opponent Schiff Sells His Bank's Assets, Earlier He Said He Would Accept BTC But He Didn't

Advertisement
Fri, 9/09/2022 - 15:06
Bitcoin Opponent Schiff Sells His Bank's Assets, Earlier He Said He Would Accept BTC But He Didn't
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

Vocal Bitcoin opponent Peter Schiff, CEO of Euro Pacific Bank, has tweeted that his deal on selling his bank is over. This happened after, earlier this summer, he agreed to sell the bank and accept Bitcoin as payment for it.

The article has been updated, in accordance with Peter Schiff's comment in a recent tweet

At one point as a joke I Tweeted that if regulators would allow me to sell the bank, I would even accept payment in Bitcoin. They didn't.

Schiff sells bank's assets

Schiff took to Twitter to announce that he has managed to sell his bank - but not quite in the way he planned. Instead of a total sale to Texas-based Qenta fintech company, the firm has acquired all of Euro Pacific's assets from its receivership.

Clients' deposits will be shifted to Qenta's subsidiary in the UAE. Initially, Qenta planned to acquire the troubled bank and "greatly expand its operations in Puerto Rico."

In a tweet on July 9, he confessed that he was even prepared to accept the leading cryptocurrency, Bitcoin, as payment for his bank if Puerto Rican regulators approved the deal. The foremost task for him is to protect his clients. However, today Schiff did not mention whether he got paid in Bitcoin.

Related
Charles Hoskinson Says Bitcoin Should Adopt Cardano's Ofelimous Protocol to Survive

Schiff's bank in legal trouble

As reported by U.Today earlier, the operations of Euro Pacific Bank run by Peter Schiff were suspended as it failed to comply with the requirements of the local law in Puerto Rico regarding the net minimum capital held in the bank.

In connection with that, customers' accounts were frozen. Besides, regulators wanted to shut the bank down over tax evasion and money laundering accusations, while no evidence of either crime was spotted.

Schiff did admit, though, that his bank was new to the country and did not hold the minimum amount of money required by the law. Thus, it was costing Schiff a lot of money to run, with hardly any profits coming from it.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles