Silvergate Pays $63 Million To Settle $9 Billion Compliance Oversight Charges

- Silvergate Capital Corp., parent company of Silvergate Bank, agreed to a $63 million settlement with U.S. and California regulators - SEC filed a lawsuit against Silvergate Capital Corporation for misleading investors about BSA/AML compliance - Settlement includes penalties for former executives and bans on serving as officers or directors of any public company - Silvergate failed to detect nearly $9 billion in suspicious transfers by major customer FTX - Rise and fall of Silvergate marked a significant event in the cryptocurrency industry, leading to financial turmoil and banking instability in the U.S.