December marks the anniversary of Migom Bank's loss of its correspondent bank network, its failed investment in Baltic International Bank following a raid by Latvian authorities and the fact that the bank's management has effectively stopped communicating with customers.。

There have been a lot of reports about the fall of the new bank, so why are people still interested in the saga of the once promising new financial institution？Although this report has received relatively high attention, it has not yet been concluded。In fact, Migom seems to be coming back to life。

A few months ago, it was reported that a group of investors, including the bank's founder, had sincerely wanted to regain control of the bank's holding company, recapitalize the bank and resume its operations.。Representatives of these investors share what they know about the status of the deal。

Legally, bank president Thomas Schaetti has been ousted by the controlling shareholder of the Austrian holding company, which dictates the downstream management, policies and procedures of the U.S. holding company, which ultimately controls the bank.。

Schaetti's departure came sometime in November, when expected reforms to the bank, including a return to operations, were supposed to begin.。Newly arrived investors are ready to deploy their assets at Migom Bank, ensure seamless customer service, and resume the bank's licensed cryptocurrency business.。

In fact, Schaetti appears to still control the holding company and the bank itself and has been blocking the completion of the share transfer to the new owner of the bank.。

Reports show he is delaying making the necessary records at the Austrian business registry, refusing to hand over the information needed to access bank accounts and effectively stopping communication with the banking regulator in Dominica.。In addition, Schaetti appears to have tried to disband the bank's staff in Dominica and close its office in Dominica.。

The reason he reportedly took these obstructionist actions remains a mystery。Is it because the new investor is about to conduct an audit, Shaetty has stopped reporting to the SEC since the fourth quarter of 2022？Is it because December is the time for the bank license to expire and the Dominica financial regulator to renew the license?？It is not clear to whom banks will ultimately benefit from not reporting their finances.。Whoever it is is likely to benefit from the bank eventually losing its license and disappearing into a sea of litigation and investigation。

Fortunately for new investors and customers of banks, Austrian law provides that new shareholdersAnywayhave the necessary tools to complete the share transfer。

Although this is likely to lead to the involvement of the Austrian courts, there is still a fair chance for the process to move forward in the absence of a large number of lawsuits.。Despite Schaetti's constant filibuster, new investors are determined to complete acquisitions and reform banks。Dominica's financial regulator expresses full support for proposed reforms and recapitalization。

Many expect Migom Bank to be successful again, especially those customers who have not yet used their accounts.。Time will tell if the bank can grasp the "Phoenix Nirvana Moment," but it is reported that the end of the cryptocurrency winter is coming, and there will be many customers who need a new bank。Migom could be successful again。