Silicon Valley Bank Shut Down, Lending to Crypto Companies Halted by U.S. Reg

Silicon Valley Bank has been close down via way of means of the U.S. federal authorities and is not able to lend cash to cryptocurrency organizations, in line with a document posted via way of means of Bloomberg on Monday.
The bank, which changed into based in 2014 and presents loans to tech organizations like Tesla Motors and SpaceX, changed into reportedly close down via way of means of regulators in January after it didn't follow anti-cash laundering regulations whilst dealing with patron transactions.
The Federal Deposit Insurance Corporation (FDIC) has now ordered Silicon Valley Bank to pay off all its clients who had formerly misplaced cash because of the closure of the bank.
The FDIC additionally informed Silicon Valley Bank`s figure company, TD Ameritrade Holding Corp., that it ought to now no longer take any in addition motion towards clients who've misplaced cash via their money owed with the company.