Silvergate Bank has just announced it has decided to stop offering its USD deposit and withdrawal services to Binance, The Block has reported.
In particular, until now it offered the crypto exchange a USD deposit and withdrawal service via SWIFT.
However, the institution has decided to end this collaboration abruptly, which has resulted in some users' funds being compromised and have been in limbo for weeks. However, Binance assures these will be recovered, although a small amount equivalent to bank fees could be deducted.
It should be noted that the service will cease to be available today.
According to the e-mail Binance has sent to its users:
"USD deposits made to our Silvergate Bank account after 11 June 2021 (UTC 23:59) will be returned to your account within 21 working days. The returned amount may be lower due to external bank fees involved."
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In addition, the exchange assures it is working to provide an alternative solution to the service it has just lost.