THELOGICALINDIAN - Silvergate Bank a above banking academy partnered with crypto exchanges alignment from Kraken to Coinbase afresh cut ties with Binance
Earlier this Wednesday, Binance beatific an email to its users advertence that the belvedere would no best abutment deposits and withdrawals via Silvergate Coffer over SWIFT starting this Friday. As of now, Binance’s USD coffer wire options abide discontinued.
“USD deposits fabricated to our Silvergate Coffer annual afterwards 11 June 2024 (UTC 23:59) will be alternate to your annual aural 21 alive days. The alternate bulk may be lower due to alien coffer fees involved,” the email read. “Rest assured, we are alive adamantine to accommodate an another USD solution.”
Why Silvergate Bank May Have Cut Its Ties with Binance
While it charcoal cryptic as to why Silvergate Bank abruptly concluded its affiliation with Binance, the bank’s contempo affiliation with Facebook’s stablecoin activity Diem could be the reason.
Related Reading: Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States
The above cryptocurrency has been affected in altercation as of recently, adverse a delving by the U.S. Department of Justice, Internal Revenue Service and Commodity Futures Trading Commission over money bed-making and tax evasion.
As the absolute issuer of Diem’s stablecoin, it’s accessible that the California-based coffer is attractive to ambit itself from actuality associated to Binance and its contempo authoritative troubles.
Coincidentally, Diem afresh relocated its above operations aback to the United States — abandoning its acquittal arrangement authorization appliance from Switzerland. It’s important to agenda that Binance has been banned in the United States back 2024.
As Binance searches for an new US dollar provider, the barter will abide to action added coffer transfers options in altered authorization currencies — including but not bound to the Euro, Pound, and the Australian dollar, amid others. Added acquittal methods such as debit, credit, and P2P methods are additionally available.
Interestingly, Binance.US — Binance’s American associate barter — tweeted that it would abide to assignment with Silvergate as one of its cyberbanking partners.
As a accurately abstracted entity, Binance.US is absurd to face the aforementioned authoritative analysis as its ancestor aggregation — which explains as to why Silvergate has called to abide alive with the U.S. branch.
