Crypto exchange Huobi Global says withdrew funds from failed US banks

HUOBI Global said on Tuesday (Mar 14) it had withdrawn all its funds out of failed New York-based Signature Bank and crypto-focused bank Silvergate Capital, and the exchange’s customers funds remain unaffected.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 Global’s spokesperson said in an email reply to Reuters’ enquiry.

Funds that had been placed with Signature were also withdrawn and sent to other financial institutions, the spokesperson added.

State regulators closed Signature on Sunday, the third largest failure in US banking history, while Silvergate last week disclosed plans to wind down operations and voluntarily liquidate.

Huobi Global’s adviser Justin Sun, who is also the founder of blockchain platform Tron, said the exchange business was not affected by their recent closures. Sun had said previously that Huobi Global was applying for a virtual asset service providers licence in Hong Kong.

Separately, a spokesperson for another crypto exchange, OKX, told Reuters that it did not have exposure to Signature or Silvergate. REUTERS