Following the alleged troubles at Silvergate Bank, Coinbase announced that the crypto exchange will no longer accept or initiate payments with Silvergate.
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Cryptocurrency exchange Coinbase announced that it had terminated its partnership with Silvergate Bank as its U.S. dollar banking partner, citing the ongoing investigation. In an announcement tweet, the exchange said:
“In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.”
The crypto exchange will facilitate institutional client cash transactions with their other banking partner Signature Bank.
The decision will not impact payment instructions in GBP or euro.
This is a developing story, and further information will be added as it becomes available.
Source: cointelegraph.com