Gold advocate and early crypto critic Peter Schiff said Puerto Rican regulators had shut down the Euro Pacific bank “despite no criminal evidence”.

Despite no criminal evidence, Puerto Rican regulators still closed my bank due to net capital issues rather than allowing a sale to a highly qualified buyer who promised to inject capital well above the legal minimums. As a result, accounts are frozen and customers may lose money.

– Peter Schiff (@Peter Schiff) Jul 3, 2022

According to him, the problems are related to the net capital of the financial institution. Schiff added that accounts were frozen and customers could lose money.

After the sale, I will own 4% of the company that bought the bank. These [регуляторы] The Bitcoin critic said they didn’t want me to own 4% of the bank because of bad news about me, even though they knew firsthand that the accusations in the media were false.

The reason the regulators cut the sale was because I owned 4% of the company that bought the aftermarket bank. Although they knew firsthand that the allegations in the media were unfounded, they said that they did not want me to own 4% of a bank because of the bad press about me.

– Peter Schiff (@Peter Schiff) July 4, 2022

Schiff said regulators never objected to him or he would restructure the deal.

“I just wanted to get out. In the last two years, I’ve invested $7 million to cover operating losses from bad news. It costs a fortune to run a small bank. So I never actually made any money. The compliance costs are outrageous,” he wrote.

It also costs a fortune to run a small bank. So I didn’t really make any money. The compliance costs are outrageous.

– Peter Schiff (@Peter Schiff) July 4, 2022

Representatives of the crypto community on Twitter called the situation ironic and called for “love decentralization”.

“You realize this wouldn’t be possible if you were using Bitcoin,” Coach K wrote.

The irony of this is so funny!@PeterSchiff You realize that this wouldn’t be possible if you were using Bitcoin!

You must love decentralization https://t.co/cDCOWdMowL

— Coach K (30% Crypto, 70% USDC) (@Coachkcrypto) July 4, 2022

Another user asked if Schiff understood the need for the first cryptocurrency now.

Do you understand why you need bitcoin now 🤣?

— 2037 (@btc2037) Jul 3, 2022

Recall that in May Schiff predicted a test of $8,000 by Bitcoin. In June, he suggested that the lowest level could be in the $5,000 region.

According to Mike Novogratz, head of Galaxy Digital, the stagnation in the cryptocurrency market will continue for about 18 more months, and the industry will see the first signs of recovery after monetary policy loosening. fed.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.