Peter Schiff has reportedly sold his Euro Pacific Bank for returns in BTC. However, the transaction did not happen as he wanted and caused him dissatisfaction. The buyer, Quenta Fintech, took all the bank’s assets instead of the total sale.
Peter Schiff’s Reaction To The Sale
In a tweet, he said, the Quenta company that bought his bank, plans to spread its activities in Puerto Rico. However, the buyer took all of its assets out of receivership instead.
Furthermore, all users’ transactions will now be done in its fully fledged location in Dubai, UAE. Peter Schiff signed off all ownership to Quenta Fintech.
This caused complications for him as he stated in a tweet, that this sell off did not go as planned. However, the Quenta Organization sent a welcome letter to him after the whole transaction was made.
In the Quenta welcome letter given to him after the sale, they outlined their policies and mission. In their mission, they stated, they were a purpose-driven business with a committed, experienced team. They added in the coming months they hoped to introduce Schiff to the team.
They extended an invitation to him, inviting him to the first global virtual Customer Townhall. They look forward to meeting him to give him an opportunity to share his thoughts and feedback.
Complications With The Euro Pacific Bank
Following the course of events before the sale, the activities of the Euro pacific bank were shut down. This resulted from the bank not having the required minimum capital stated by the regulators. This for a while caused a lot of complications for the bank.
Alongside, all customer accounts were disabled and frozen. Matters of evading taxes and fraud arose as the bank faced a penalty of a lockdown. However, no evidence to support these accusations was found.
Schiff agreed that his bank was still coming up and didn’t have the minimum amount for a sell-off. However, he denied any accusations of fraud or tax evasion. The bank was costing him a lot to maintain, so he had to sell off.
In a tweet he made before the sale, he agreed to receive bitcoin as the form of payment. This was to stand as long as Puerto Rico regulators let the deal go through. And also stated that the most crucial thing was users’ protection.
It was not disclosed if Schiff received his payment in Bitcoin eventually. He however was dissatisfied with the whole transaction that took place.