fdic

The Federal Deposit Insurance Corp. kicked off an auction process late Saturday for Silicon Valley Bank, with final bids due by Sunday afternoon, according to people familiar with the matter. The FDIC is aiming for a swift deal but a winner may not be known until late Sunday, according to one person, who asked to not be identified because the matter isn’t public. No final decision has been made and it’s possible that no deal will be reached, said the people.Representatives for the FDIC didn’t immediately respond to…

In the aftermath of the Silicon Valley Bank (SVB) collapse, top venture capitalists said that they would be "strongly supportive" of the lender.In a joint statement, leading VC firms said that for 40 years, SVB has been an important platform "that played a pivotal role in serving the startup community and supporting the innovation economy in the US".The statement was signed by Accel, Altimeter Capital, B Capital Group, General Catalyst, Gil Capital, Greylock Partners, Khosla Ventures, Kleiner Perkins, Lightspeed Venture,…

US federal officials have been discussing with Silvergate Capital Corp's management to avoid a shutdown, Bloomberg News reported, citing people familiar with the matter. Shares of the cryptocurrency-focused bank rose about 5% in after-market trading. Last week, the bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern. The company late said that effective immediately it made a "risk-based decision" to discontinue the Silvergate Exchange Network, which enabled…

Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp., in Washington in June. Photo: Ting Shen/Bloomberg News…

The Federal Deposit Insurance Corporation (FDIC) slapped the Sam Bankman-Fried-owned cryptocurrency exchange FTX with a cease-and-desist order over “false and misleading statements” that suggest its assets are FDIC-insured. The FDIC doesn’t cover stocks or crypto, and only safeguards funds held in insured bank accounts. In a letter to the exchange, the FDIC points to a now-deleted tweet from FTX president Brett Harrison, which states “direct deposits from employers to FTX US are stored in individually FDIC-insured bank…

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.Jeenah Moon | Bloomberg | Getty ImagesFTX, the crypto exchange controlled by Sam Bankman-Fried, received a cease-and-desist warning on Friday from the Federal Deposit Insurance Corporation, telling the company to stop "misleading" consumers about the insurance status of their funds. The FDIC issued…

US banking regulators have ordered crypto firm Voyager Digital to cease and desist from making "false and misleading" claims that its customers' funds were protected by the government. The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) sent a letter to the firm on Thursday, stating they believed that Voyager had misled customers by claiming their funds with the company would be covered by the FDIC. A company spokesman did not immediately respond to a request for comment. The regulators said the company,…