Published: September 30, 2022
Below please find an update on the liquidation status as well as some actions required by you, our customer.
If you opted in to migrate to Qenta
- Precious Metals Account holdings will be transferred to Qenta’s management on September 30, 2022.
- Qenta is also in the process of acquiring Euro Pacific Securities’ role as the Fully-Disclosed Broker on all brokerage accounts currently at Interactive Brokers, in order to service all of your brokerage needs.
- Finally, bank account cash holdings will begin transferring to Qenta’s banking network in October 2022, once the receiver and correspondent bank has completed their review and approval process.
- As this migration period occurs from today September 30, 2022 through October, there will be more frequent communication via email, this website, and Customer Townhalls to keep you informed.
As a reminder, Qenta is not a bank. Qenta is a financial technology firm whose vision is to lead the world to a frictionless and democratized financial ecosystem, operating three divisions focused on payments, pay-outs, and commodities hedging. As such, Qenta can facilitate first-party wires, as well as to other Qenta clients. While third party wire transfers are not possible today, we are working to bring this service to you in the future.
In addition, one of Qenta’s key retail products is a Responsible Gold savings product that gives customers a title of ownership to gold that can be accessed through a digital wallet for convenience, liquidity and flexibility. Qenta also works with businesses to simplify their complex payment needs via smart contracts.
Feel free to reach out to Qenta at anytime at [email protected]. The Qenta team looks forward to welcoming you to their family.
If you opted out
- To follow up our previous Migration Opt Out updates, we are happy to announce that some progress has been made on the processing of your pending outgoing wire transfers. Our correspondent bank and the bank’s receiver have come to an agreement to start releasing funds, albeit manually. We appreciate your continued patience as funds are periodically released.
- The Migration Opt Out deadline has now been postponed to October 7, 2022. What this means to you is that if you do not want your funds migrated to Qenta Inc., all outgoing wire transfer requests should be made no later than October 7th inside eBanking, to another account in the same name (first party), or beneficial owner’s name if you hold a corporate account.
- If you are considering opting in, please note that even after the metals and cash are migrated to Qenta, customers can request at any time for funds to be sent to an account in his or her name at another institution via eBanking.
Summary of Recent Events
- OCIF suspended Euro Pacific Bank and appointed a receiver (or “trustee”) to manage all bank operations and assets on June 30, 2022
- Currency conversions, outgoing wire transfer form, precious metals trading, and mutual fund trading re-enabled in eBanking on August 29th
- OCIF and trustee fully approved Liquidation Plan for Euro Pacific Bank on September 6, 2022
- Interactive Brokers awaiting further information from receiver to transfer client positions to new brokerage accounts
- Mutual fund sell orders awaiting approval from Interactive Brokers, its custodian
- Euro Pacific Bank’s correspondent bank will begin processing transactions in collaboration with the receiver
- Blocked accounts to be temporarily unblocked by Euro Pacific Bank so customers may provide missing information for accounts to remain active with Qenta or to wire available funds to a destination account in their name and the subsequent closing of the account. Otherwise accounts will remain blocked.