{"id":5427,"date":"2022-07-05T03:43:43","date_gmt":"2022-07-05T03:43:43","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5427"},"modified":"2022-07-05T03:43:44","modified_gmt":"2022-07-05T03:43:44","slug":"peter-schiffs-euro-pacific-bank-suspended-by-puerto-ricos-regulator-schiff-insists-no-evidence-of-crime","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5427","title":{"rendered":"Peter Schiff&#8217;s Euro Pacific Bank Suspended by Puerto Rico&#8217;s Regulator \u2014 Schiff Insists No Evidence of Crime"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Peter Schiff-owned Euro Pacific Bank has been suspended by Puerto Rico\u2019s financial regulator. Schiff claims that there\u2019s \u201cno evidence of crimes,\u201d warning that \u201caccounts are frozen and customers may lose money.\u201d <\/strong><\/p>\n<h2>Puerto Rico\u2019s Regulator Suspends Peter Schiff\u2019s Bank<\/h2>\n<p>Euro Pacific Bank, owned by notorious bitcoin skeptic and gold bug Peter Schiff, has been suspended by the Office of the Commissioner of Financial Institutions of Puerto Rico, also known as Oficina del Comisionado de Instituciones Financieras (OCIF).<\/p>\n<p>Insisting that there is no evidence of crime at the bank, Schiff tweeted Sunday:<\/p>\n<p>Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues \u2026 As a result accounts are frozen and customers may lose money.<\/p>\n<p>The Puerto Rican financial regulator announced on June 30 that it has issued a \u201cComplaint and Cease and Desist Order\u201d and a \u201cTemporary Order Designating Trustee\u201d against Euro Pacific Intl. Bank Inc.<\/p>\n<p>\u201cThe order mandates the suspension of Euro Pacific\u2019s operations \u2026 due to its crass noncompliance with the minimum capital requirements,\u201d the OCIF detailed. \u201cFurther, the order imposes on Euro Pacific administrative fines totaling $765,000.00 for various violations to the laws and regulations administered by OCIF.\u201d The regulator elaborated:<\/p>\n<p>Euro Pacific\u2019s serious insolvency situation constitutes sufficient legal justification for OCIF to undertake the administrative action announced today.<\/p>\n<p>Euro Pacific Bank has posted a notice on its website, stating: \u201cWe are complying by pausing transactions until at least July 7, 2022, in order to review their request.\u201d<\/p>\n<h2>Lack of Compliance, Schiff Claims He Has a Buyer for Euro Pacific Bank<\/h2>\n<p>Schiff has been trying to sell Euro Pacific Bank but he claims that the OCIF has blocked the sale.<\/p>\n<p>\u201cI have a buyer for the bank. But regulators won\u2019t let me sell it,\u201d Schiff tweeted, claiming that the buyer is \u201chighly qualified\u201d and has promised to \u201cinject capital far in excess of regulatory minimums.\u201d<\/p>\n<p>The bitcoin skeptic opined: \u201cThey want to liquidate it so the media, the IRS, and the J5 can pretend it\u2019s being shut down for tax evasion and money laundering, even though there was no evidence of either at the bank.\u201d<\/p>\n<p>In another tweet, Schiff admitted that his bank is not in compliance with the Puerto Rican minimum capital requirements. He explained:<\/p>\n<p>My team didn\u2019t understand the rules. We were new to PR [Puerto Rico]. We were required to keep more capital than we thought.<\/p>\n<p>\u201cI was prepared to put the extra in, but the Commissioner of OCIF told me I did not have to as the deficiency would be cured per the terms of the sale,\u201d he claimed.<\/p>\n<p>Replying to a question on Twitter about how much the shortfall was and how long the capital requirements had been an issue, Schiff said: \u201cIt was several million.\u201d<\/p>\n<p>Euro Pacific Bank was under investigation by tax authorities in five countries in 2020. Schiff admitted he was accused of tax evasion but stressed that the allegations were false and no charges were filed.<\/p>\n<p><em><strong>What do you think about Peter Schiff\u2019s Euro Pacific Bank\u2019s situation? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/peter-schiffs-euro-pacific-bank-suspended-by-puerto-ricos-regulator-schiff-insists-no-evidence-of-crime\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff-owned Euro Pacific Bank has been suspended by Puerto Rico\u2019s financial regulator. Schiff claims that there\u2019s \u201cno evidence of crimes,\u201d warning that \u201caccounts are frozen and customers may lose money.\u201d Puerto Rico\u2019s Regulator Suspends Peter Schiff\u2019s Bank Euro Pacific Bank, owned by notorious bitcoin skeptic and gold bug Peter Schiff, has been suspended by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5427"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5427\/revisions"}],"predecessor-version":[{"id":5428,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5427\/revisions\/5428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5416"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}