Crypto bank Silvergate has decided to suspend the Silvergate Exchange Network (SEN) as a result of a risk-based decision.
Silvergate, who was on the edge of his financial situation, had ignited the fire with his desire to postpone his financial reports. Coinbase has ended working with Silvergate, revealing the seriousness of the situation.
Having gone through a difficult period, the crypto bank Silvergate has decided to shut down the Silvergate Exchange Network, which the exchanges have stopped using one by one. This SEN move by Silvergate continues to affect the cryptocurrency market.
Silvergate Says Goodbye to Silvergate Exchange Network
Silvergate, which has been the number one name on the crypto agenda recently, has come to the fore with the problems it has experienced and the atmosphere of fear it has created.
Refraining from disclosing its financial reports, Silvergate’s credit rating was downgraded by Moody’s. Moody’s has shared new credit ratings for the crypto bank, with the phrase “undercapitalization” and “governance gaps”.
It is known that Coinbase and other accompanying exchanges are worried about the financial situation of Silvergate and therefore they have given up on the use of SEN.
Following these news, Silvergate, which experienced a loss of stock value and was isolated from the crypto industry, decided to stop the Silvergate Exchange Network (SEN) service. Also, even though SEN will be shut down, other deposit-related services will remain active.
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