US bank Silvergate faced 8 billion dollars in crypto withdrawals
US bank Silvergate faced $8 billion in crypto withdrawals. Customers of the institution, which supplies cryptocurrency services, have removed more than $8 billion worth of assets held by the bank. In response, Silvergate have hawked over $5.2 billion to make up for the loss. The move from customers came amid three US regulating bodies warning that financial institutions trading crypto were “highly likely to be inconsistent with safe and sound banking practices”. Silvergate - which is the New York Stock Exchange - is regulated like other financial institutions, a rarity for some cryptocurrency ...