Published: December 16, 2022

In an effort to continually update you about the liquidation & migration process, we have created the following comprehensive Frequently Asked Questions list that is composed of the most essential questions & answers regarding the liquidation of Euro Pacific Bank & migration to Qenta for your reviews.
Sincerely,
Euro Pacific Bank.

Published: December 5, 2022

Dear Customers,

Thank you for your continued patience. We wanted to let you know that the Receiver appointed by the Puerto Rican government to oversee the liquidation process continues to work with the correspondent bank to process all outgoing wires for opt-out clients as well as the wires for opt-in clients, however, we still do not have a clear indication as to when their process will end. Your frustration is shared and understood.

Until these parties have completed the liquidation process, no one will have access to funds held at the correspondent financial institution – neither the opt-out clients, nor Qenta for the opt-in clients. Unfortunately, the team at Euro Pacific Bank/Qenta do not have any control over the speed of this process between the Receiver and the correspondent bank.

Please rest assured that the moment we receive approval to proceed with the transfers the operations team is standing by ready to complete these actions immediately.

In the meantime, we will also continue to follow up and provide further updates to all customers as soon as they become available.

As always, if any questions please feel free to reach out to us directly at [email protected] or if you need to escalate, you can email [email protected].

Sincerely,

Euro Pacific Bank.

Published: November 1, 2022

Dear Customers,

Please find an update for all mutual fund account holders as well as clients who have entered partial liquidation requests in eBanking.

Mutual funds

As the existing mutual fund products will be discontinued after the migration, all holders of mutual fund shares should enter a sell order within eBanking for the entirety of their current positions. Any shares still being held at the migration date would be liquidated by the bank, at which point the exact dollar value would then be credited to your cash account accordingly in order for these funds to be included in the migration.

Outgoing wire requests

The bank’s OCIF-appointed receiver has stipulated that all outgoing wires for opt-out clients must be for the entirety of the remaining account balance, as such partial outgoing wires would not be accepted before the migration to Qenta. Please keep in mind however that once the migration to Qenta has been completed you will be able to liquidate any portion of your account that you wish at any time to a first-party account of your choosing.

To cancel an existing partial outgoing wire, please send the request to the bank using the eBanking Support center, or by writing to [email protected].

Deadline Extended

To give you more time to make adjustments accordingly, the opt-out deadline for all customers has been extended to Wednesday, November 9, 2022.

As a reminder, the OCIF-appointed receiver continues to work with the correspondent financial institutions to review and process all wires for opt-out and opt-in clients, and we continue to wait for completion of their process.

And as always, please feel free to reach out to us directly anytime at [email protected] or if you need to escalate you can email [email protected].

Sincerely,

Euro Pacific Bank.

Published: October 21, 2022

Dear Customers,

Thank you for your continued patience. We wanted to let you know that the Receiver continues to work with the correspondent financial institution to process all outgoing wires for opt-out clients and the remaining wires for opt-in clients, however, we have not been given an indication that their process will end today.

As such, the Opt-out period will be extended from October 22 to Monday, October 31, 2022.

Meanwhile, we continue to follow up, and will keep you updated on any developments. As always, please feel free to reach out to us directly at [email protected], or if you need to escalate, you can email [email protected].

Sincerely,

Qenta Team.

Published: October 14, 2022

Dear Customers,

Thank you for attending our Townhall on October 12th and for your engagement. As promised, we will have a follow-up Townhall on Monday, October 17, from 9-10am EST (US & Canada) given that we ran out of time on October 12. See meeting details below.

• Meeting ID: 984 2068 7642
• Passcode: 054496
• Zoom Meeting: Link

Other key reminders:

1. For opt-out clients: The deadline to opt-out has been extended from today until October 22, 2022. For emphasis, this means that customers who do not wish their accounts to be transferred to Qenta, must request an outgoing wire through eBanking to another account in the same name (first party wire) or that of the same beneficial owners in the case of corporate accounts, by no later than October 22, 2022.
2. As mentioned before, the delay in the processing of outgoing wires continues until the Receiver and correspondent banking institutions complete their process. This situation is out of our control, but we will continue to monitor the situation and keep you updated.
3. Please feel free to reach out to our Client Services team through the Support Center in eBanking or through [email protected], and they will continue to provide all assistance for any issues you may have.

Thank you very much, and we look forward to hearing from you on Monday.

Best Regards,

Qenta Team.

Published: October 10, 2022

Dear Customers,

We apologize that some of you were not able to access the Zoom meeting for the Townhall planned for October 10, 2022 due to technical issues. We have scheduled another meeting to take place on October 12, 2022 from 9-10am EST. The meeting access details are:

• Zoom meeting link: https://zoom.us/j/99180943645
• Meeting ID: 991 8094 3645

For any questions, please reach out to us directly on [email protected]

Sincerely,

Qenta Team.

Published: October 8, 2022

Dear Customers,

The following details are applied to those of you who wish to opt-out of Qenta migration:

Due to a technical issue, some of the recently unblocked accounts did not have the full functionality to request outgoing wires as expected. As such, the opt-out deadline has been extended to Friday, October 14, 2022 for all cash deposit clients.

This means that, should you not want your account to migrate to Qenta, you should request an outgoing wire by no later than October 14th, through eBanking, to another account in the same name (first party wire) or that of the same beneficial owners if you have a corporate account.

If you are encountering any difficulties, please feel free as always to contact our Client Services team through the Support Center or through [email protected].

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.
• Unblocked accounts have full functionality. Opt-out deadline to be extended to Oct 14, 2022 for clients to request outgoing wires.

Published: September 30, 2022

Dear Customers,

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

1. Precious Metals Account holdings will be transferred to Qenta’s management on September 30, 2022.
2. 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.
3. 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.
4. 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

1. 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.
2. 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.
3. 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.

Published: September 28, 2022

Dear Customers,

This is a follow up to our last update on September 16, 2022. We continue to work with our custodians and stakeholders, including the OCIF-appointed receiver to ensure the liquidation process is completed according to plan.

We acknowledge that outgoing wire transfers are still delayed since our last update on September 16, 2022. The delay continues to result from the OCIF-appointed receiver’s ongoing discussions with our custodians, i.e. our correspondent bank for outgoing wire transfers and Interactive Brokers for brokerage asset transfers.

Specifically, our custodians requested from the receiver several documents—personal and regulatory—which are in the final stages of being fulfilled. Unfortunately, we have limited involvement in this process, as our custodians are required to deal exclusively with the receiver.

Despite the delays, Euro Pacific Bank has maintained 100% of customer cash on-demand and ready to withdraw through the entirety of this receivership.

Latest Update

1. As a reminder, Euro Pacific Bank customers will be migrated to Qenta on the transfer date unless a customer elects to opt-out of the transfer. The planned transfer date is September 29, 2022, however the actual transfer date will be dependent on when the receiver and the correspondent bank processes all wires. As mentioned before, we do not have control over these delays, but we continue to stay abreast and will keep you informed.
2. We anticipate all precious metal holdings will be transferred by September 30, 2022, however we are still waiting on the receiver and the correspondent bank to complete their process for cash transfers to take place.
3. Pursuant to the OCIF-approved Liquidation and Dissolution Plan, Euro Pacific Bank will be liquidated shortly after all funds have been transferred to customers who have opted out as well as those who are being migrated to Qenta. Regardless, our team continues to be here to serve you and will also be joining Qenta.
4. Even after the transfer date, customers who have been migrated to Qenta can request funds at any time by entering the wire request in eBanking with details of a destination account in their name (first party).
5. Current Euro Pacific Bank customers whose accounts are currently blocked will have access to their accounts during the period between September 29 and October 7, 2022 only for the purpose of providing missing information for such account to remain active with Qenta or to request the wire of the available funds to a destination account in their name and the subsequent closing of the account. Such wires shall be processed, and the corresponding funds will be transferred, when the correspondent bank and receiver complete their process (even if that were to happen after October 7, 2022). After such date, such accounts will once again be placed under review by Qenta, with limited functionality.

Further FAQs will be shared this week, and the Qenta team will have another Customer Townhall meeting on Monday October 10, 2022. In the meantime, please continue to direct all queries to [email protected].

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
• Euro Pacific Bank’s correspondent bank awaiting further information from receiver to process our client transactions
• 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
• 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.