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Still Working with Binance.US, Clarifies Silvergate Bank After the Reports of Cutting Ties with Binance

bitcoinexchangeguide.com 11 June 2021 16:13, UTC
Reading time: ~2 m

Crypto-friendly Silvergate Bank took to Twitter to confirm that they are working with cryptocurrency exchange Binance.US in “good standing.” Binance.US is “an active participant on the Silvergate Exchange Network,” added the bank late on Thursday. This clarity came after the reports that the Silvergate Bank has abruptly cut ties with leading exchange Binance. Binance has reportedly sent an email to customers in English and Spanish language, informing them that the exchange will no longer support USD deposits and withdrawals via Silvergate Bank over SWIFT from June 11, reported The Block. "Rest assured, we are working hard to provide an alternative USD solution," further reads the email. In December, Binance launched the Silvergate funding option for international users that allow customers to deposit and withdraw USD from their accounts. In response to this, Binance.US said on Twitter, “We are proud to continue working with Silvergate Bank as one of our banking partners.” However, no such confirmation has been made in regards to Binance. In separate news, Binance's Chief Finance Officer (CFO) Wei Zhou has left the company after working for three years. Zhou’s track record in initial public offerings ignited the rumors at the time that Binance might be considering going public, but CEO Changpneg Zhao has denied any such plans. “After three years at Binance, Wei has decided to leave for personal reasons,” the spokesperson said.

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