Peter Schiff has sold his bank to U.S. company that plans to expand its use in Puerto Rico
Peter Schiff, CEO of Vocal Bitcoin’s rival Euro Pacific Bank, has tweeted that his deal to sell his bank is over. That’s when, earlier this summer, he agreed to sell the bank and accept bitcoin as payment for it.
Schiff sells bank’s assets
Schiff took to Twitter to announce that he has managed to sell his bank – but not quite in the way he planned. Instead of a total sale to Texas-based Qenta fintech company, the firm has acquired all of Euro Pacific’s assets from its receivership.
Customer deposits will be transferred to a subsidiary of Qenta in the UAE. Initially, Qenta planned to acquire the troubled bank and “greatly expand its operations in Puerto Rico.”
In a tweet on July 9, he confessed that he was even prepared to accept the leading cryptocurrency, Bitcoin, as payment for his bank if Puerto Rican regulators approved the deal. The foremost task for him is to protect his clients. However, today Schiff did not mention whether he got paid in Bitcoin.
Schiff’s bank in legal trouble
As previously reported by U.Today, the operations of the Peter Schiff-run Euro Pacific Bank were suspended because it failed to comply with local law requirements in Puerto Rico regarding net minimum capital held in the bank was.
In connection with that, customers’ accounts were frozen. Besides, regulators wanted to shut the bank down over tax evasion and money laundering accusations, while no evidence of either crime was spotted.
Schiff, however, acknowledged that his bank was new to the country and did not maintain the minimum amount required by law. Thus, it was costing Schiff a lot of money to run it, hardly making any profit from it.
