Crypto exchange Huobi says withdrew funds from failed US banks

Huobi mentioned on Tuesday it had withdrawn all its funds out of failed New York-based Signature Bank and crypto-focused financial institution Silvergate Capital Corp, and the change’s clients funds stay unaffected.

“Huobi previously had a bank account with Silvergate, but all assets were transferred out some time ago and there is no financial partnership currently,” a Huobi’s spokesperson mentioned in an electronic mail reply to Reuters’ enquiry.

Funds that had been positioned with Signature have been additionally withdrawn and despatched to different monetary establishments, the spokesperson added.

State regulators closed Signature on Sunday, the third largest failure in U.S. banking historical past, whereas Silvergate final week disclosed plans to wind down operations and voluntarily liquidate.

Huobi’s adviser Justin Sun, who can be the founding father of blockchain platform Tron, mentioned the change business was not affected by their latest closures. Sun had mentioned beforehand that Huobi Global was making use of for a digital asset service suppliers licence in Hong Kong.

Separately, a spokesperson for one more crypto change, OKX, advised Reuters that it didn’t have publicity to Signature or Silvergate.

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