- Schiff’s Euro Pacific Bank is under investigation and has had its operations suspended.
- Schiff denies any wrongdoing and is looking to sell the bank.
- Meanwhile, some in the crypto community will cheer at the development, as Schiff is a notable crypto skeptic.
Puerto Rican regulators have shut down prominent crypto skeptic Peter Schiff’s Euro Pacific Bank, according to a report by the Associated Press. Schiff told the outlet that he was fighting the decision, and over Twitter said that there was “no evidence of crimes.”
On Twitter, Schiff said that the regulators had closed his bank for net capital issues. Accounts have been frozen, and customers may lose money, he says, also offering many other criticisms. His tweet reads,
“The reason regulators gave for tuning down the sale is that post sale I would own 4% of the company buying the bank. They said that due to the bad press about me, they did not want me owning 4% of a bank, even though they know first hand the allegations in the media are false.”
Schiff has been working on being able to sell the bank, but the investigation into it has resulted in a suspension of operations and the inability to make the sale. It is facing a probe by the J5 agency, whose members include the United States, United Kingdom, Canada, Australia, and the Netherlands.
Schiff has denied that the bank is being investigated. He also asked for vindication with respect to allegations of tax evasion and money laundering of the Euro Pacific Bank, which Schiff also started.
Crypto Users May Smirk at Investigation
Crypto proponents will cheer the development, as Schiff has not made any friends within the crypto industry. Schiff is well-known in the crypto community for his harsh criticism of the asset class. He does not think bitcoin can serve as digital gold and is himself a prominent exponent of gold.
Schiff frequently says that bitcoin is a ponzi, and the market is subject to manipulation. He believes that the cryptocurrency will dump and has said this many times — with bitcoin frequently hitting new highs afterwards.
He has also gotten into heated discussions with several prominent individuals in the crypto space, including Michael Saylor. Schiff is a controversial figure, and most don’t take his remarks on bitcoin and crypto seriously. However, those on his map are becoming increasingly vocal about their opinions about bitcoin, and it won’t be long before the market answers their predictions.