REG - Argo Blockchain PLC - Update SVB, Silvergate Bank and Signature Bank

Argo BlockchainAnnouncement

13/03/2023 16:15

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RNS Number : 7988S  Argo Blockchain PLC  13 March 2023

Press Release

13 March 2023

Argo Blockchain plc

("Argo" or "the Company")

 

Update on Silicon Valley Bank, Silvergate Bank and Signature Bank

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), notes the recent news regarding Silicon Valley Bank and
Silvergate Bank and can confirm that neither Argo Blockchain, nor any of its
subsidiaries, have any exposure to either institution.

Separately, a subsidiary of Argo held a portion of its operating funds in cash
deposits at Signature Bank in New York, NY which are secure and available for
use as of Monday, 13 March 2023.

On 12 March 2023, Signature Bank was closed by its state chartering authority,
the New York Department of Financial Services. The same evening, a joint
statement
(https://www.globenewswire.com/Tracker?data=FknGEoVNS65yU42HIQBrBLLuAmXVWdEXYdTXqvk6SKyoj2LBcXNDvnDxmvwLPTqZvk8h--yZUO34FAzudEHDxIa-ejKo4OCuTF2aR2qBGRBg-0Myk6WgAhsRtESH_76tbqX4dV7b3ud4n28yGriw48-hhS9rJAjeB6psOhJoML4=)
 issued by the Department of the Treasury, the Federal Reserve, and the
Federal Deposit Insurance Corporation ("FDIC") announced a systemic risk
exception for Signature Bank and confirmed that, "All depositors of this
institution will be made whole."

In a follow-up
(https://www.globenewswire.com/Tracker?data=h4Ox5vfa0LWbQqtnef6Bjf7oNb3dq6keuI3VSmuy7MtSZ4HYKt-YXdCijpJY_qWl-X9539OUTEcDDdCnmfWqPlZOZz5pU0uxxDq3XnGGUaB5B41PbaMRaHKbWpR7i7-0uBdAv8mSmadYuj8xMkbolA==)
announcement from the FDIC, it was announced that the New York State
Department of Financial Services had appointed the FDIC as receiver and that,
"to protect depositors, the FDIC transferred all the deposits and
substantially all of the assets of Signature Bank to Signature Bridge Bank,
N.A., a full-service bank that will be operated by the FDIC as it markets the
institution to potential bidders…Banking activities will resume Monday,
March 13, 2023, including on-line banking. Depositors and borrowers will
automatically become customers of Signature Bridge Bank, N.A. and will
continue to have uninterrupted customer service and access to their funds by
ATM, debit cards, and writing checks in the same manner as before."

For further information please contact:

 Argo Blockchain
 Investor Relations                  ir@argoblockchain.com
 finnCap Ltd
 Corporate Finance                   +44 207 220 0500

 Jonny Franklin-Adams

 Seamus Fricker

 Joint Corporate Broker

 Sunila de Silva
 Tennyson Securities
 Joint Corporate Broker              +44 207 186 9030

 Peter Krens
 Tancredi Intelligent Communication

 UK & Europe Media Relations
 Salamander Davoudi                   argoblock@tancredigroup.com

 Emma Valgimigli

 Fabio Galloni-Roversi Monaco

 Nasser Al-Sayed

 

About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain
technology company focused on large-scale cryptocurrency mining. With mining
facilities in Quebec, mining operations in Texas, and offices in the US,
Canada, and the UK, Argo's global, sustainable operations are predominantly
powered by renewable energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto Climate Accord.
Argo also participates in several Web 3.0, DeFi and GameFi projects through
its Argo Labs division, further contributing to its business operations, as
well as the development of the cryptocurrency markets. For more information,
visit (http://www.argoblockchain.com/) www.argoblockchain.com
(http://www.argoblockchain.com/) .

 

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