Coinbase announceIt has ended its partnership with Silvergate Bank as a banking partner. citing ongoing investigations
Instead, Coinbase will facilitate institutional client cash transactions for its primary clients with other bank partners.
Silvergate’s problems began with the collapse of FTX by Silvergate Bank, popularly known as “Crypto banks” with numerous partners are facing investigations from the US Department of Justice. Regarding its involvement in the collapse of FTX, the investigation involved former FTX CEO Sam Bankman-Fried’s accounts with the bank.
In another civil lawsuit, Silvergate Bank and its CEO Alan Lane allegedly “Help and support” the multi-billion dollar scam hosted by Sam Bankman-Fried. (SBF) and its two divisions: FTX and Alameda Research.
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