The US Federal Reserve has announced the termination of enforcement action against California-based Silvergate Bank and its holding company, Silvergate Capital Corporation. It is understood that since May 2023, enforcement action by the US Federal Reserve has ensured that Silvergate Bank is liquidated and wound down in a manner that protects depositors. Since then, Silvergate Bank has completed its liquidation and wind down program, has repaid all customers' deposits, and is no longer operating as a bank.