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‘We Had No Funds in Silvergate’ Major Exchanges Claim

Published 03/09/2023, 10:40 AM
Updated 03/09/2023, 11:00 AM
© Reuters ‘We Had No Funds in Silvergate’ Major Exchanges Claim
COIN
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  • Crypto-friendly bank Silvergate announced orderly liquidation.
  • Several major crypto exchanges distanced themselves from Silvergate.
Crypto firms have always had tenuous access to banking services. The liquidation of a major crypto-friendly bank will likely make these issues even worse.

News from Silvergate rocked the crypto markets, wiping out $1 billion in value. Following the panic, major exchanges scrambled to distance themselves from the potential fallout.

On Thursday, crypto exchanges Binance, Coinbase (NASDAQ:COIN), OKX, and Paxos claimed they have no assets in Silvergate.

Binance has no “asset losses” at Silvergate, Binance CEO Changpeng Zhao (CZ) tweeted. “Funds are SAFU.”

https://twitter.com/cz_binance/status/1633657404389826562 “Coinbase has no client or corporate cash at Silvergate. Client funds continue to be safe, accessible & available,” Coinbase tweeted.

“Our corporate and customer funds are safe,” said OKX President...

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