Binance CEO CZ Reassures No Asset Losses At Silvergate

Binance CEO Assures Customers No Asset Loss In Silveragate Debacle

The major fintech bank Silvergate has announced to wind down its banking operations and liquidate after its massive exposure to crypto backfired.

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The bank had been shedding its shares exponentially since FTX went under.

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Earlier, several other crypto companies including Circle, Coinbase also pulled out from the bank, forcing it to wind down its operations.

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Binance CEO Changpeng Zhao tweeted that it seems the bank will return all deposits.

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CZ reassured that Binance did not have any asset losses at Silvergate and the funds are safe.

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Silvergate was among the top crypto-friendly banks in the world, serving as a fiat on-ramp for many businesses in the space.

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The crypto market reacted negatively to the Silvergate announcement as the prices of top cryptocurrencies fell sharply.

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