2023-03-13 | NDAQ:ARBK | Press release

LONDON, ENGLAND / ACCESSWIRE / March 13, 2023 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), notes the latest news regarding Silicon Valley Bank and Silvergate Bank and can confirm that neither Argo Blockchain, nor any of its subsidiaries, has any exposure to both institutions.

Separately, a subsidiary of Argo held a portion of its working capital in cash deposits at Signature Bank in New York, NY, which are safe and available for use as of Monday, March 13, 2023.

On March 12, 2023, Signature Bank was closed by its state chartering authority, the New York Department of Financial Services. That same evening, a joint statement issued by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (“FDIC”) announced a systemic risk exemption for Signature Bank and confirmed that “All depositors in this institution will be made whole.”

In a follow-up announcement by the FDIC, it was announced that the New York State Department of Financial Services had appointed the FDIC as receiver and that “to protect depositors, the FDIC transferred all of the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, NA, a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders… Banking will resume on Monday, March 13, 2023, including online banking.Depositors and borrowers will automatically become customers of Signature Bridge Bank, NA and will continue to have uninterrupted customer service and access to their money via ATMs, debit cards and writing checks in the same way as before.”

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About Argo:

Argo Blockchain plc is a dual-listed (LSE:ARB; NASDAQ:ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas and offices in the US, Canada and the UK, Argo’s global, sustainable operations are powered primarily by renewable energy. In 2021, Argo became the first climate-positive cryptocurrency mining company, signing the Crypto Climate Accord. Argo also participates in several Web 3.0, DeFi and GameFi projects through its Argo Labs division, further contributing to its business operations as well as the development of the cryptocurrency markets. For more information, visit www.argoblockchain.com.

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SOURCE: Argo Blockchain PLC

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