‘We Had No Funds in Silvergate’ Major Exchanges Claim

• 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, 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.”

“Coinbase has no client or corporate cash at Silvergate. Client...

by dailycoin