The table seems to have turned as the local bank of one of the antagonists of crypto, Peter Schiff got closed by the Puerto Rico regulators for his laxity in the maintenance of the net minimum capital requirements which led to the total customers’ access lost to their account after a subsequent freeze.
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Peter Schiff, a prominent economist got his bank shut down as Twitter was painted with this irony which implies that his intention for the BTC has later come over his traditional bank.
Why The Peter Schiff Bank Shut Down as He stated
- The 4% post-sales Schiff will hold buying the bank was disagreed on due to the bad press about him.
He added if the note of warning has been sounded to him, he would have restructured the deal.
Peter Schiff stated while he was admitting that “customers may lose money,” he said he was ignorant of the regulatory minimums and was not presented with any form of legal awareness before the closure. According to him;
“It costs a fortune to run a small bank. That’s why I never really made any money. The compliance costs are outrageous.”
In this course, a tweet by Coach K stated that if Peter Schiff had been using Bitcoin this would not have happened. And he was advised to create room for Decentralization.
Another tweet by @HodlMagoo stated, “The irony here is priceless,” while some gave a glimpse of the alternative to traditional finance. Interestingly, Puerto Rico has been on the side of cryptocurrency in this region. Even on April 20th, Puerto Rico authorities became the fourth jurisdiction in America to award a money transmitter license to binance.US, a united states-based subsidiary of crypto exchange Binance. The whole crypto sphere felt the pain of Peter Schiff and the bank’s users for their losses.