Washington investors will regain digital currency in the GS Partners settlement

ChainCatcher news, according to Bitcoin.com, after more than a year of negotiations, the Washington State Department of Financial Institutions (DFI) has reached a multi-state settlement agreement with GS Partners. DFI encourages Washington state residents who invested with GS Partners to submit claims through the Gold Standard Bank settlement plan. The portal is expected to open in early November 2024 and will accept claims for a period of 90 days. Investors are advised to prepare relevant documents before submitting claims, such as cryptocurrency wallet addresses, transaction IDs, and deposit records. GS Partners will compensate after verifying eligibility, and payments will be made in cryptocurrency to the investors' crypto wallets.

Previously, DFI, along with other state regulators, filed a lawsuit against GS Partners in November 2023, accusing it of violating Washington state securities laws. The allegations involve Swiss Valorem Bank Ltd., GSB Gold Standard Bank Ltd., Josip Heit, and Stephen McNeal, with the focus on their MetaCertificates product and multi-level marketing scheme. This action was coordinated by a multi-state task force, with Canadian securities regulators also involved. Last month, five states—Alabama, Arizona, Arkansas, Georgia, and Texas—reached a settlement agreement with the GSB group.