Share this article
Silvergate Closes SEN Platform Institutions Used to Move Money to Crypto Exchanges
Crypto bank warned this week about its ability to remain in business.
Updated Mar 6, 2023, 4:48 p.m. Published Mar 3, 2023, 11:41 p.m.
Silvergate Bank, which warned this week about its ability to remain in business, discontinued its SEN platform that institutions used to move money to crypto exchanges.
“Effective immediately, Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN),” the company said on its website Friday. “All other deposit-related services remain operational.”
STORY CONTINUES BELOW
A spokesperson for the bank sent a similar message to companies within the crypto sector.
"Unfortunately, we have no additional information to share at this time," the spokesperson said.
SEN is a 24/7 instant settlement service the bank's clients could use to conduct transactions between each other at any time, including nights and weekends. The bank counted a number of major crypto firms as its clients for the service, including Binance.US, Kraken, Gemini and ErisX (prior to its acquisition by Cboe).
Silvergate has had a rough week after disclosing on Wednesday that it would delay the filing of its annual report due to questions from its auditors. In the same notice, the bank admitted it was facing investigations from bank regulators and the U.S. Department of Justice, and said its ability to be a "going concern" over the next year may be in doubt.
A number of prominent crypto clients bailed on the bank the next day, and its stock price fell nearly 60% before somewhat stabilizing on Friday.
UPDATE (March 3, 2023, 23:50 UTC): Adds additional information.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ECB’s Christine Lagarde shifts focus to digital euro rollout after holding rates
With technical and preparatory work complete, the ECB pressed lawmakers to move quickly on Europe’s public digital currency amid global stablecoin concerns.
What to know:
- The European Central Bank has completed its preparatory work on the digital euro, awaiting action from political institutions.
- ECB President Christine Lagarde emphasized a data-driven approach to interest rate decisions, with inflation projected to meet the 2% target by 2028.
- The digital euro is prioritized as a strategic financial tool, expected to launch in the second half of 2026.
Top Stories
