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Binance, Coinbase, OKX say No Exposure to Collapsed Silvergate Bank

Cointime Official

Crypto-focus bank Silvergate announced it is in the process of winding down its operations through voluntary liquidation. In response, several crypto companies are working to ease market concerns by assuring that they do not hold any corporate funds with Silvergate Bank.

Binance CEO Changpeng Zhao said Binance does not have assets at Silvergate, "funds are safu".

Crypto exchange Coinbase also tweeted they had no client or corporate cash at Silvergate. "Client funds continue to be safe, accessible & available", Coinbase wrote.

Hong Fan, the president of OKX and CEO of Okcoin, tweeted "Our corporate and customer funds are safe. Team have done a great job of managing risk and minimizing exposure."

Crypto infrastructure firm Paxos said in a statement that they have “virtually no exposure to Silvergate.”

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