Bitstamp Cancels Silvergate Exchange Network (SEN) Service
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
Interpret the above information:
Bitstamp, a Luxembourg-based cryptocurrency exchange, has reportedly cancelled its Silvergate Exchange Network (SEN) service for all users. The exchange has also temporarily discontinued all USD wire transfer support provided by Silvergate Bank. Bitstamp has issued a statement on its official blog to clarify this situation.
According to the statement, the cancellation of the SEN service is temporary. Bitstamp has advised its users to use the SigNet service of Signature Bank for instant USD payment. The exchange has made it clear that the funds of its customers are safe, and Bitstamp has no major risk to Silvergate Bank. To ensure that customers are not inconvenienced, Bitstamp has implemented alternative banking services by collaborating with 17 banking partners around the world.
The reason behind the suspension of SEN service is unknown. However, this is not the first time Bitstamp has faced such a situation. In 2018, Bitstamp suspended USD wire transfers after its bank, Bank of America, discontinued its relationship due to increased regulatory requirements. The exchange then switched to processing US dollar payments through the SEN of Silvergate Bank.
In conclusion, Bitstamp’s suspension of the SEN service has raised concerns among its users. However, the exchange has assured its customers that their funds are safe, and alternative banking services have been implemented to minimize the disruption caused by the discontinuation of USD wire transfers. The use of SigNet service of Signature Bank provides an instant USD payment solution for Bitstamp’s customers. Any further updates regarding the situation will be communicated through Bitstamp’s official channels.
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