Crypto-focus bank Silvergate announced it is in the process of winding down its operations through voluntary liquidation. In response, several crypto companies are working to ease market concerns by assuring that they do not hold any corporate funds with Silvergate Bank.
Binance CEO Changpeng Zhao said Binance does not have assets at Silvergate, "funds are safu".
Sad to see this happening. But at least, it seems they will return all deposits in full. Protect users. #Binance do not have asset losses at Silvergate. Funds are #SAFU. https://t.co/0ng5Cb9h4M
— CZ 🔶 Binance (@cz_binance) March 9, 2023
Crypto exchange Coinbase also tweeted they had no client or corporate cash at Silvergate. "Client funds continue to be safe, accessible & available", Coinbase wrote.
Update: We’re sorry to see Silvergate make the tough decision to wind down their operations. They were a partner & contributors to the growth of the cryptoeconomy. Coinbase has no client or corporate cash at Silvergate. Client funds continue to be safe, accessible & available. https://t.co/78oMrLQ6VH
— Coinbase (@coinbase) March 9, 2023
Hong Fan, the president of OKX and CEO of Okcoin, tweeted "Our corporate and customer funds are safe. Team have done a great job of managing risk and minimizing exposure."
Very sad to see this happening with Silvergate. It will now take a longer time for crypto to reach more people.
— Hong (@hfangca) March 8, 2023
Our corporate and customer funds are safe. Team have done a great job of managing risk and minimizing exposure. https://t.co/AYuv3oLvKg
Crypto infrastructure firm Paxos said in a statement that they have “virtually no exposure to Silvergate.”
1/ Statement from Paxos on Silvergate Bank: Paxos has virtually no exposure to Silvergate. Last week we discontinued SEN connectivity and wires into our Silvergate account and have continued processing outgoing withdrawals.
— Paxos (@PaxosGlobal) March 8, 2023
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