Silvergate has stopped serving Binance – Bits Media

Банк Silvergate, serving cryptocurrency companies, stopped providing services to the Binance marketplace. Exchange users will no longer be able to contribute and withdraw US dollars through Silvergate.

Binance notified customers about that, what with 11 June the platform will stop supporting Enrollment and withdrawal of funds in US dollars through Silvergate Bank. US dollars, Silvergate listed to the exchange after 11 june 2021 of the year, will be returned to the user account during 21 working day. However, the returned amount may be less due to the deduction of bank commissions.

Binance management said, what will make the necessary efforts, to provide customers with an alternative solution. Renso Morales Dias (Renzo Morales Díaz), Client Binance from Colombia, reported, that due to a sharp termination of Silvergate cooperation with the exchange, His funds were "stuck" for two weeks.

“I have a“ hover ”output of assets in US dollars through Silvergate. Of course, They will not go there anymore. Now I don't know, How Binance will be able to execute this conclusion ", - the user complained.

Looks like, Problems in Binance and Silvergate Relations began a few months ago. At the end of March, one of Reddit also reported, that he had difficulties with making deposits to Binance via Silvergate. About two weeks ago another Reddit user wrote, that he tried to enroll in the exchange $30 000 Through this bank, But even after three weeks, the funds were not transferred to his stock account.

Binance began to cooperate with Silvergate, which is considered friendly to cryptocurrencies, Since December last year. The bank did not explain the reasons for the termination of partnership with Binance.

According to Silvergate for the III quarter 2020 of the year, The bank serves around 928 companies, working in the field of blockchain and digital currencies. During this period, the bank's accounts received $586 Milln in cryptoactives.