- Euro Pacific Intl. Bank Inc transactions will be on hold until July 7, 2022.
- The bank failed to fulfill the net minimum capital requirements.
Puerto Rico’s Office of the Commissioner of Financial Institutions better known as Oficina del Comisionado de Instituciones Financieras (OCIF), has suspended operations at Euro Pacific Bank, owned by prominent Bitcoin (BTC) skeptic Peter Schiff.
Schiff’s predictions for bitcoin came true for his own traditional bank. When Schiff’s bank was shut down by Puerto Rico regulators for failing to fulfill the net minimum capital standards, customers experienced difficulties and lost access to their accounts after a subsequent account freeze.
Schiff tweeted that there is no proof of criminal activity at the bank.
Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.
— Peter Schiff (@PeterSchiff) July 3, 2022
No Evidence For the Criminal Activities
The Puerto Rican banking regulator declared on June 30, a complaint and Cease and Desist Order, and a Temporary Order Designating Trustee have been issued against Euro Pacific Intl. Bank Inc. The financial authority of Puerto Rico has requested Euro Pacific Bank stop operations, following that the transactions will be put on hold until at least July 7, 2022.
Furthermore, Peter Schiff added that;
Criminal investigations are supposed to be kept secret to protect the innocent in case no evidence is found to bring charges. In my case the IRS illegally leaked the investigation to the media, which then convicted me of crimes there was no evidence to charge me with committing.
The OCIF explained that the order demands the suspension of Euro Pacific’s operations because of its apparent violation of the minimum capital requirements. Furthermore, the ruling imposes administrative fines of $765,000.00 on Euro Pacific for several violations of the laws and regulations enforced by OCIF.
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