Crypto-friendly bank Silvergate Bank has agreed to the Federal Reserve's order to submit a self-liquidation plan to California's financial regulator within 10 days, The Block reported. The Fed's board of governors announced the order on Wednesday as part of a process to wind down the California bank's operations. The bank must preserve cash and other resources to compensate depositors. California's Department of Financial Protection and Innovation must approve a plan to liquidate Silvergate's assets. It is reported that Silvergate announced in March this year that it would cease operations. The Fed's order noted that recent inspections of Silvergate by state regulators and officials from the San Francisco Fed "found numerous deficiencies in its safety, soundness and compliance." The Fed statement noted that Silvergate executives voluntarily agreed to all elements of the enforcement action. Any bonuses, promotions or severance packages for executives must be approved by regulators as part of the order.