Silvergate Capital Corp , one of the biggest banks in the cryptocurrency industry, said on Wednesday it was planning to wind down operations and liquidate voluntarily.
"Traditional banks have refused to engage with crypto companies due to a lack of clear rules, leaving a gap that was filled by a few banks willing to take the risk."
"It's definitely not good for the crypto industry, and this could potentially mean a certain trend towards crypto moving outside the U.S., at least until a more comprehensive regulatory framework is established in the U.S.""It's difficult to know what the ultimate outcome and time-line of this process will be."
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