Silvergate Closes SEN Platform Institutions Used to Move Money to Crypto Exchanges

Crypto bank warned this week about its ability to remain in business.

AccessTimeIconMar 3, 2023 at 11:41 p.m. UTC
Updated Mar 6, 2023 at 4:48 p.m. UTC
Drive the Crypto Policy Conversation Forward
October 24, 2023 • Convene • Washington D.C.Where the industry establishes the digital economy’s legal, regulatory and compliance best practices for the future.Register Now

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.”

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about