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Seeking Alpha 2023-03-02 14:12:05

Coinbase stops accepting payments to or from Silvergate Capital

Crypto exchange Coinbase Global ( NASDAQ: COIN ) said Thursday it will no longer accept or initiate payments to or from struggling crypto-focused bank Silvergate Capital, "in light of recent development & out of an abundance of caution," according to a series of Twitter posts. The move followed Silvergate's ( NYSE: SI ) notice late Wednesday, saying it will not be able to meet an extended March 16 deadline to file its annual report. It also revealed new losses in connection with other-than-temporary impairment on its securities portfolio. Coinbase ( COIN ) noted it has minimal exposure to Silvergate ( SI ), one of the tweets read. The trading platform "will be facilitating institutional client cash transactions with our other banking partners," including Signature Bank ( NASDAQ: SBNY ), a Coinbase spokesperson said. "All client funds continue to be safe, accessible & available," the spokesperson told Seeking Alpha in an emailed statement. COIN dived 5.4% in premarket trading, while SI sank 44.1% in the wake of concerns of the bank's ability to continue as a going concern. Coinbase did not immediately respond to Seeking Alpha's request for comment. Towards the end of February, Coinbase said it will suspend trading for Binance USD stablecoin in March .

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