Bitstamp Cancels Silvergate Exchange Network Service, but Funds are Safe
It is reported that Bitstamp issued a statement on its official blog that the Luxembourg-based cryptocurrency exchange has temporarily cancelled the Silvergate…
It is reported that Bitstamp issued a statement on its official blog that the Luxembourg-based cryptocurrency exchange has temporarily cancelled the Silvergate Exchange Network (SEN) service for all users, as well as all the USD wire transfer support provided by Silvergate Bank. For instant USD payment, the SigNet service of Signature Bank is currently required. In addition, Bitstamp clarified that the customer’s funds are safe and Bitstamp has no major risk to Silvergate Bank. The exchange has cooperated with 17 banking partners around the world and implemented alternative banking services to ensure that the interference to customers is minimized.
Bitstamp: temporarily stop supporting all US dollar wire transfers through Silvergate Bank
Analysis based on this information:
Bitstamp, the Luxembourg-based cryptocurrency exchange, has announced the temporary cancellation of the Silvergate Exchange Network (SEN) service and all USD wire transfer support provided by Silvergate Bank. The exchange has clarified that the customer’s funds are safe and there is no major risk to Silvergate Bank. However, for instant USD payment, the SigNet service of Signature Bank is currently required.
Bitstamp has made it clear that the decision to cancel Silvergate Exchange Network and USD wire transfer support was not prompted by any security breach but rather a business decision. The exchange is cooperating with 17 banking partners around the world and has implemented alternative banking services to ensure minimal interference to customers.
The Silvergate Exchange Network (SEN) is a payment network that enables institutional clients of Silvergate Bank to move U.S. dollars 24/7 between their Silvergate accounts and the accounts of other clients on the network. The network provides instant access to liquidity, and this service was supposed to benefit Bitstamp and its customers.
As and when Bitstamp approves the reactivation of the SEN service, its users will be able to make USD deposits and withdrawals using the service. The exchange has emphasized that customers can still deposit USD through SigNet; which gives users 24/7 instant deposits and withdrawals equivalent to SEN. However, withdrawal requests through Signature Bank will be subject to a standard processing time of up to 24 hours.
In conclusion, Bitstamp’s decision to cancel Silvergate Exchange Network service and USD wire transfer support might inconvenience some customers who have to wait 24 hours when withdrawing funds via SigNet. However, Bitstamp has assured customers that their funds are safe and the decision to cancel Silvergate Exchange Network was a business decision. The exchange is now using alternative banking services to ensure minimal interference to customers.
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