Reuters: Silvergate Bank suspends its SEN trading network

ChainCatcher news, according to a report by Reuters, the crypto-friendly bank Silvergate Bank has suspended its Silvergate Exchange Network (SEN) trading network, while all other deposit-related services remain operational. SEN is a 24/7 instant settlement service that allows digital currency and institutional investor clients to send dollars between their Silvergate accounts and those of other Silvergate customers.

It is reported that Silvergate had previously hinted at potential investigations by the Department of Justice, Congress, and banking regulators. Former clients Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy, and Gemini have all stated that they will suspend their business with the bank. (source link)