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Binance and Coinbase claim zero exposure to Silvergate collapse

binance-and-coinbase-claim-zero-exposure-to-silvergate-collapse
Edited by
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Binance and Coinbase claim zero exposure to Silvergate collapse

Binance, Coinbase, and OKX have declared that they have no investment exposure to the embattled Silvergate Capital. The crypto-friendly lender has announced its winding down operations.

Silvergate enters voluntary liquidation 

After several months of battling a severe liquidity crunch and bank run partly triggered by the disgraced Sam Bankman-Fried’s FTX exchange collapse, Silvergate Capital, the parent company of crypto-friendly Silvergate bank, has finally decided to shutter operations.

Per a March 8, press release by the La Jolla, California-based corporation, the recent unfavorable events and regulatory dark clouds in the cryptospace have made it impossible for it to continue normal operations, as such it has decided to call it quits and voluntarily liquidate the bank.

The lender, which recently received examiners from the Federal Deposit Insurance Corporation (FDIC) at its headquarters, has made it clear that its “wind down and liquidation plans include full repayment of all deposits.”

Exchanges deny having losses from the Silvergate collapse

Reacting to the unfortunate news, Changpeng Zhao, the CEO of Binance, the world’s largest centralized bitcoin (BTC) trading venue stated via a Twitter post that the exchange has zero exposure to the embattled lender.

https://twitter.com/cz_binance/status/1633657404389826562

In the same vein, Coinbase, the largest crypto exchange in the U.S. has also assured its users that their funds are safe, as it has no client or corporate cash at Silvergate.

The high-profile bankruptcies and countless scams of 2022 have already brought increased regulatory scrutiny to the digital assets space. And it appears the gloomy times are not over just yet. 

Binance and Coinbase claim zero exposure to Silvergate collapse - 1
Bitcoin price 24-hours | Source: Coingecko

The global crypto markets are reacting negatively to the Silvergate news, as the bitcoin (BTC) price has decreased by 2.05% in the last 24 hours, hovering around the $21,665 price region at the time of writing. Other established cryptoassets including ETH, ADA, MATIC, and SOL also dipped significantly. 

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