Binance, Coinbase, OKX Untethered by Silvergate Capital Shutdown: Crypto Market Reacts

After several months of battling a severe liquidity crunch and bank run partly triggered by the disgraced Sam Bankman-Fried’s FTX exchange collapse, Silvergate Capital ha confirmado de manera oficial su cierre. The crypto-friendly bank, once a key player in the digital asset industry as the first crypto bank in the US, has decided to close its doors and voluntarily liquidate, according to ChainCatcher's report earlier today.

The news sent ripples through the cryptocurrency market, raising concerns about the potential impact on major exchanges. However, Binance, Coinbase, and OKX have swiftly responded, issuing statements to reassure users. BTC $81,878.45 - a price seemingly unaffected by the news, highlighting the resilience of Bitcoin.

Binance CEO Confirms No Asset Losses at Silvergate

Binance’s CEO Changpeng Zhao tweeted that the world’s largest cryptocurrency exchange has no asset losses at Silvergate. Funds at the exchange are safe. Markets are messy, but the Binance CEO confirms no asset losses at Silvergate.

Coinbase and OKX Assure Users: No Exposure to Silvergate

Coinbase, Binance and OKX deny having any client or corporate cash at Silvergate. Coinbase and OKX have also stated that there were no client or corporate funds at the bank. Coinbase specifically said that it does “not have client or corporate cash at Silvergate Capital.

Fear Lingers Despite Reassurances

Despite firm reassurances from Binance, Coinbase, and OKX, fear lingers in the industry. The collapse of Silvergate Capital underscores the vulnerabilities within the crypto ecosystem, especially following the FTX debacle. While major exchanges appear insulated, the overall market sentiment remains cautious. Binance, Coinbase, OKX y Paxos han publicado declaraciones.