Cryptobank Silvergate to pay SEC a $50 million fine

The Securities and Exchange Commission (SEC) has sued the crypto bank Silvergate, accusing it of making false statements about its anti-money laundering procedures.

In particular, the bank did not have adequate measures to control the SEN banking network, which allowed customers to transfer funds.

The bank was unable to adequately track suspicious activity in banking transactions.

He also failed to detect suspicious transfers of $9 billion from FTX and its affiliated organizations.

Silvergate has agreed to settle with the SEC by paying a fine of $50 million.

Silvergate was closed last year.