The cryptocurrency exchange Coinbase said on March 2, 2023, that it is “no longer accepting or initiating payments to or from Silvergate Bank” in light of recent events.
The announcement comes after the cryptocurrency bank postponed submitting its annual 10-K with the Securities and Exchange Commission (SEC) and JPMorgan downgraded the stock of the business from “neutral” to “underweight.” On Thursday, Coinbase made the announcement that it will no longer be accepting payments to or from the cryptocurrency-friendly bank Silvergate. Recently, Silvergate postponed submitting its 10-K with the SEC for the 2022 fiscal year, citing the need for extra time to finish the submission. JPMorgan cut the shares of the firm from “neutral” to “underweight” as a result of the delay.
Coinbase Has Severed All Ties With Silvergate
According to the claimed email that Ledgerx issued to its clients, wire transfers are now handled by Signature Bank. Ledgerx used to be a component of the FTX business, however, it is currently one of the companies that are not associated with the FTX bankruptcy proceedings. Prior to the Coinbase announcement, CNBC noted that one of the most active stocks on Thursday’s trading day was anticipated to be Silvergate.
In light of recent events, the cryptocurrency exchange Coinbase said on March 2, 2023, that it is “no longer accepting or originating payments to or from Silvergate Bank.” The announcement comes after JPMorgan downgraded the stock of the cryptocurrency bank from “neutral” to “underweight” and the SEC delayed the crypto bank’s annual 10-K filing. On Thursday, Coinbase declared that it was ceasing to accept or initiate any payments to or from the cryptocurrency-friendly bank Silvergate. The SEC 10-K filing for Silvergate’s 2022 fiscal year was recently postponed, with the company stating the need for extra time to finish the form. Following the holdup, JPMorgan lowered the shares of the firm from “neutral” to “underweight.”
