The troubled bank said the closure was a 'risk-based decision.'
Silvergate Capital Corporation was once among the most preferred banking institutions for cryptocurrency business, but the entity has faced numerous issues in the past few weeks.“Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network . All other deposit-related services remain operational,” reads the firm’s statement.
The service allowed investors to complete 24/7 transfers to crypto exchanges, which was one of the most utilized products of the bank. It operated a lot faster than traditional banking wire transfers that could take days. However, the bank raised eyebrows earlier this week when it revealed operational issues and said it had to delay its annual report.
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