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Peter Schiff: “Regulators Closed My Bank, Customers May Lose Money”

cryptoknowmics.com 04 July 2022 14:01, UTC
Reading time: ~2 m

Peter Schiff, an outspoken opponent of bitcoin (BTC), has encountered issues with the established global financial system, which has given proponents of BTC an opportunity to claim that he could have avoided such problems by using bitcoin. Schiff has gained notoriety in the crypto sphere. He frequently uses Twitter as a platform to harass BTC proponents, even sparring with people like Elon Musk. He complained on Twitter that despite the lack of evidence of crimes, Puerto Rican regulators "had closed his bank account for net capital issues" instead of allowing him to "make a sale." https://twitter.com/PeterSchiff/status/1543729010278113281  

Peter Schiff Claims Bitcoin is a Scam

Schiff is the CEO of Euro Pacific Capital and an outspoken stock broker. He promotes buying gold as an investment plan while decrying Bitcoin as a fraud. Recently, he established himself as a broadcaster by starting a podcast with the same name. After receiving a license to conduct business in 2017, Schiff's Puerto Rican banking company, Euro Pacific International Bank, has since experienced difficulties due to deposits falling below US$150 million. The government-run Joint Chiefs of Global Tax Enforcement intervened two years ago "to put a stop to the suspected facilitation of offshore tax evasion and money laundering," according to the same media site. Schiff asserted that his bank had never been under investigation and that the only time he had come into contact with law enforcement was when "IRS investigators visited the bank in 2020 and informed him they were investigating clients." Last week, Schiff claimed that he would battle to preserve his failing company. These firefighting operations appear to be connected to the bank account cancellation.

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