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Cryptocurrency-friendly bank "Silvergate" ceases support for Binance USD deposits and withdrawals

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Cryptocurrency-friendly bank "Silvergate" ceases support for Binance USD deposits and withdrawals

According to the email sent to users by Binance, the cryptocurrency-friendly bank no longer supports Binance, and Binance is currently unable to access USD deposits and withdrawals through Silvergate via SWIFT.

Silvergate Stops Supporting Binance

According to the foreign media The Block, Binance explained in an email sent to users on Wednesday:

Starting from June 11th, Binance will no longer support USD deposits and withdrawals via SWIFT through Silvergate Bank. USD deposits made to Binance's Silvergate account after 23:59 UTC on June 11th will be refunded within 21 business days. Due to international bank fees, the refund amount may be lower.

The email also emphasized that they are actively seeking alternative solutions for USD deposits and withdrawals.

Deposit and Withdrawal Issues Have Been Delayed for Months

User Renzo Morales Díaz stated that his funds have been frozen for two weeks:

I have a pending USD withdrawal with Silvergate, and it has been delayed for a long time. It is certain that Silvergate will no longer process withdrawals. I don't know how Binance will refund my funds now.

Issues with USD deposits and withdrawals through Silvergate have apparently existed for months for Binance users. A Reddit user pointed out in March Reddit:

About three weeks ago, I transferred $30,000 to Binance through Silvergate Bank, but Binance has not credited my account, nor has it been refunded to my bank account.

Binance introduced the Silvergate deposit and withdrawal service for international users in December last year, but there has been no official announcement. What's even more peculiar is that Binance.US tweeted:

We are proud to have Silvergate continue as our banking partner.

The Block also stated that Binance declined to comment on issues related to Silvergate. More concerning is that since June 8th, Binance.US has disabled comments on Twitter, only allowing comments from accounts mentioned by Binance.US.

Prior to June 8th, in tweets, there were numerous complaints about deposit and withdrawal issues, as well as no response to customer service tickets.

Exchanges Often Subject to Bank Sentiment

Due to varying opinions among different banks worldwide, despite no explicit legal prohibition, exchanges often encounter situations where banks suspend cooperation. Binance is just one example of this.