On March 10, the California Department of Financial Protection and Innovation (DFPI) ordered Silicon Valley Bank, a major financial institution for venture-backed companies, to be closed—making it the first FDIC-insured bank failure in 2023. The DFPI did not disclose why the shutdown was necessary but appointed the FDIC as receiver to protect all insured deposits. … Crypto-friendly bank Silicon Valley Bank shut down by California regulator Read More »
