Exchanges

Silvergate Bank no longer supports Binance transactions

  • Silvergate is reportedly no longer supporting transactions on Binance exchange
  • The crypto exchange is looking for an alternative bank to support USD transactions
  • Binance’s CEO resigned a few hours ago

Silvergate Bank has reportedly discontinued its partnership with crypto exchange Binance. Binance users can no longer deposit and withdraw funds from the platform using Silvergate Bank.

Silvergate and Binance part ways

Leading cryptocurrency exchange Binance has told its customers that they can no longer deposit and withdraw funds via Silvergate Bank. The exchange relayed this information to its customers via email earlier today.

San Diego-based Silvergate is a leading bank for innovative businesses in fintech and cryptocurrency. The discontinuation of the service came to many as a surprise due to Silvergate’s support of the cryptocurrency market.

 

Per the email, Binance assured its customers that it is looking to provide them with an alternative USD solution. The exchange said deposits made to the platform via Silvergate after UTC 23:59 today would be returned to the user’s account after 21 working days.

At the time of this report, Binance and Silvergate Bank are yet to issue a public statement regarding this latest development.

Binance parts way with CEO

Binance losing Silvergate as a banking partner came barely 24 hours after its chief executive officer resigned. A Binance spokesperson revealed yesterday that CEO Wei Zhou had left the company after working with them for nearly three years.

It is unclear why Zhou left Binance. However, the spokesperson said he left the company due to some personal reasons.

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