A vocal critic of bitcoin, vowed to fight when the Puero Rico financial regulator shut down San Juan-based bank due to insolvency and lack of internal controls.

Schiff claims that he has found a buyer for Euro Pacific Bank to purchase it for $24.5 million. He asks that the regulator allow the planned sale to take place so customers are protected and not ‘needlessly loose money’ through receivership.

Bank would be sold for “anything,” even BTC, by desperate Schiff

On Twitter, the economist has been unwavering in his support for the bank. He would sell Euro Pacific Bank at all costs, even if it meant accepting bitcoin, which he hates, as payment.

replied that he would sell the bank for any price if regulators allowed it. This was in response to a question by a user who wanted to ask if he would consider selling the bank for BTC. “My primary goal is to protect customers.”

This is a remarkable turnaround from one of bitcoin’s most ardent critics. It seems plausible that Schiff’s reversion to BTC is an act desperation. He has repeatedly attacked for its intrinsic value.

Yes, I would. If regulators allowed me to sell it. Protecting customers is my main goal.

Peter Schiff (@PeterSchiff). July 8, 2022

 

He stated earlier that the bank, which was the subject of an international investigation into tax evasion, money laundering and money laundering, “was not placed in receivership because it was insolvent.”

Schiff stated that the bank was placed there because it was undercapitalized and did not have enough capital. “My bank has approximately $2 million in capital. It does not have any debt or loans. And it has enough cash to pay all depositors fully.” The buyer wanted $7 million more capital.

He repeated an earlier claim that he had put $7 million of his money into Euro Pacific Bank in the past two year’s. However, this was due to false accusations of money laundering and tax avoidance .

Schiff suggested that the best way forward was to sell the bank in order to rebrand it under new ownership.

Schiff: Bank targeted because of’my criticisms of excessive government taxation’

The Office of the Commissioner of Financial Institutions Puerto Rico ordered the closing of Euro Pacific Bank because of allegations of insolvency.

Natalia Zequeira Diaz is a commissioner for the regulator. She stated that “Euro Pacific has a long record of noncompliance.”

Euro Pacific reported that it had suffered a net loss in the year 2019 of approximately $751,000 and lost almost $4 million. The cease-and-desist order stated that Euro Pacific had $1.3 million in negative capital at the end 2020, making it insolvent.

Two years ago, Joints Chiefs of Global Tax Enforcement (or J5) began investigating Schiff’s bank to’stop the facilitation of offshore taxes evasion or money laundering by that bank.

Schiff stated that J5 cleared his bank of wrongdoing. However, instead of praising it, [Puerto Rico] regulators were forced to close it down. He claimed the institution was targeted because of my outspoken criticisms of excessive government taxation.

He stated that he was still ‘committed’ to working with the Puerto Rico bank commissioner to solve the capital issues with my Bank for the best interests of all customers.

Peter Schiff Would Accept Bitcoin in Sale of Embattled Euro Pacific Bank