The CEO of Silvergate, Alan Lane, and the Chief Legal Officer, John Bonino, depart from the bank as it winds down its operations following the order of the Federal Reserve Board.
Another senior executive Antonio Martino, chief financial officer of the company, will be leaving their position in September.
Silvergate gained popularity as one of the friendliest banks for crypto in the United States. The bank also boasted a portfolio of top industry clients such as Binance.US, Huobi Global, Nexo, Bittrex, along with infamous FTX and Alameda Research.
As per Silvergate Capital’s filing to the SEC, the departure of top executives is a part of the bank’s previously disclosed plan of shutting down operations and liquidating voluntarily. Silvergate Capital is the parent company of Silvergate bank.
The departure of the CEO comes amid the bank being surrounded by a number of proposed lawsuits. CEO Lane and the bank are facing multiple lawsuits involving defunct crypto exchange FTX.
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