The Bank of England (BoE) halted the operation of SVB UK, a US Silicon Valley bank, saying its projects in the UK were "limited" and had no "important responsibility" to support the financial system.

The Bank of England issued a statement on March 10th that the SVB UK would "stop paying or accepting deposits" as the Bank of England prepared to apply to the court for SVB UK to be included in the "bank bankruptcy proceedings".

Earlier, on the same day, according to media reports, the California Department of Financial maintenance and Innovation ordered the closure of Silicon Valley Bank (SVB).

The Bank of England explained that bank bankruptcy proceedings would mean that the Financial Information Services compensation Scheme (FSCS) would pay "qualified depositors" as soon as possible, up to a "maintenance limit" of up to 85000 GB (about $102288), or a maximum of 170000 GB (about $204577) for collaborative accounts.

The company filled the claim that during the bankruptcy period, the bank liquidator would be responsible for the remaining assets and liabilities of the SVB UK, and all the money recovered would be "distributed" to the debtor.

Several UK venture capitalists, including Index Ventures and Aerico, issued a joint declaration in support of SVB UK on March 12th. The statement expressed support for SVB UK, calling SVB UK a "trusted" and "meaningful partner" that played an "important" role in supporting start-ups in the UK.

The data economy Alliance is a non-profit organization in the UK that focuses on policies to support data start-ups. The alliance made it clear on March 11 that "many" start-ups and investors in the ecosystem had a "significant leverage ratio" for SVB UK, adding that he would be "very worried".

In addition, a result from the ancient city of Baoshan on March 11th shows that the famous blockchain technology venture capital has assets with a use value of more than $6 billion, which is owned by this non-existent financial entity line.

It mainly includes $2.85 billion from Andreessen Horowitz, $1.72 billion from Paradigm, and $560 million from Pantera Capital.