Silvergate Bank intends to continue to prevent USD withdrawals and deposits for platform Binance. However, they are working hard to provide their clients with another solution. There are other options for clients in the meantime.
Binance didn’t comment on the decision. Silvergate has said that Binance is ‘a cutomer in good standing and an active participant in the Silvergate Exchange Network.’
Binance users gained access to the funding option from Silvergate in December. It’s not clear the reason for Silvergate to end this service. However, Binance has recently been under investigation according to Internal Revenue Service and the U.S. Department of Justice.