Binance, Coinbase and KuCoin CEOs Confirm User Funds Unaffected by Silvergate Bank Issue
In the midst of the latest crisis in the crypto industry, with Silvergate Bank, the friendliest bank towards crypto, announcing account closures and cessation of operations earlier today (March 9), many in the industry were left concerned. However, Changpeng Zhao, or CZ, CEO of Binance, has taken to Twitter to assure his users that their funds are safe, even amidst the uncertainty of the bank’s situation.
Sad to see this happening. But at least, it seems they will return all deposits in full. Protect users. #Binance do not have asset losses at Silvergate. Funds are #SAFU. https://t.co/0ng5Cb9h4M
— CZ 🔶 Binance (@cz_binance) March 9, 2023
CZ expressed his disappointment at the situation with Silvergate but stated that at least the bank has returned all funds in full to those who have withdrawn them, and that Binance has not lost any assets with Silvergate. This tweet reassured Binance users who have entrusted their funds with the exchange that their money is still safe and that Binance has not been affected by Silvergate’s financial woes.
Other popular exchanges such as Coinbase have also assured their users that they have not deposited any funds with Silvergate, and their users’ assets remain secure.
Update: We’re sorry to see Silvergate make the tough decision to wind down their operations. They were a partner & contributors to the growth of the cryptoeconomy. Coinbase has no client or corporate cash at Silvergate. Client funds continue to be safe, accessible & available. https://t.co/78oMrLQ6VH
— Coinbase (@coinbase) March 9, 2023
Similarly, Johnny Lyu, CEO of KuCoin, tweeted to confirm that his users’ funds are safe and expressed his hope that this incident will be the last bad news in this market cycle.
Please be reassured that @kucoincom has no business relationship with @silvergatebank, and all users’ funds are safe with us. Anyway, I do hope this is the last sad news in this market cycle. 🤞https://t.co/HkGme1iXaJ
— Johnny_KuCoin (@lyu_johnny) March 9, 2023
This situation with Silvergate highlights the importance of having safe and reliable banking partners in the crypto industry, and the impact of a bank’s failure can be felt across the entire market. However, the reassurances from exchanges such as Binance, Coinbase, and KuCoin will provide some relief to their users and help maintain trust in the industry. It remains to be seen how the situation with Silvergate will develop, but for now, Binance users can continue to have confidence in the safety of their funds.
- Silvergate Bank To Wind Down Operations Amid Industry And Regulatory Developments
- Silvergate Bank Suspends Transfer Network To Cryptocurrency Exchanges