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Bitstamp Temporarily Cancels the Silvergate Exchange Network (SEN) Service

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It is reported that Bitstamp issued a statement on its official blog that the Luxembourg-based cryptocurrency exchange has temporarily cancelled the Silvergate…

Bitstamp Temporarily Cancels the 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 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

Interpretation of the news:


Bitstamp, a Luxembourg-based cryptocurrency exchange, has announced that it is temporarily cancelling the Silvergate Exchange Network (SEN) service for all of its users, along with all the USD wire transfer support provided by Silvergate Bank. In its official statement, Bitstamp has advised its customers that for instant USD payments, they must use the SigNet service of Signature Bank. However, Bitstamp has also clarified that its customer’s funds are safe and that there is no major risk to Silvergate Bank.

Bitstamp has assured its users that it has 17 banking partners and has already implemented alternative banking services to minimize the interference to its customers. This makes it clear that Bitstamp is taking adequate steps to ensure the continuity of its services and minimize the impact of the temporary suspension of the Silvergate Exchange Network on its users.

The reason for this decision by Bitstamp is not clear, and no official statement has been made regarding the same. This development, however, highlights the importance of collaboration and partnerships among various players in the cryptocurrency industry. It also underscores the need for backup plans and alternative banking services, which can be quickly put in place when the need arises.

In conclusion, while the temporary cancellation of the Silvergate Exchange Network (SEN) service and the USD wire transfer support provided by Silvergate Bank might cause some inconvenience to Bitstamp’s users, there is no need to panic. Bitstamp has multiple banking partners and has already put in place alternatives that will ensure smooth transactions. Additionally, the fact that Bitstamp has assured its users of the safety of their funds and the low-risk scenario for Silvergate Bank shows that the company is taking its responsibility seriously. In an ever-evolving cryptocurrency landscape, this kind of prudence and foresight is crucial for building trust and ensuring the longevity of any business in the sector.

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