Silvergate CEO Alan Lane has criticized “short sellers” for intentionally spreading misinformation amid market uncertainty as a way to turn in a quick profit.
Lane reiterated that the firm complies with the Bank Secrecy Act and the USA PATRIOT Act, which requires it to monitor and scrutinize “each and every account,” including FTX and Alameda research.
“Silvergate conducted significant due diligence on FTX and its related entities including Alameda Research, both during the onboarding process and through ongoing monitoring,” the CEO explained. The CEO has also touted the firm’s “resilient balance sheet and ample liquidity” adding that customers’ deposits are “safely held.”
“In addition to the cash we carry on our balance sheet, our entire investment securities portfolio can be pledged for borrowings at the Federal Home Loan Bank, other financial institutions, and the Federal Reserve Discount Window – and can ultimately be sold should we need to generate liquidity to satisfy customer withdrawal request,” explained Lane.
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