KuCoin CEO on Silvergate: ‘Our Funds Are Safe’
- KuCoin CEO addresses the Silvergate collapse.
- Other major exchanges also distanced themselves from Silvergate.
- Crypto firms still rely on traditional financial services from banks.
Crypto-friendly bank Silvergate’s collapse is wreaking havoc among crypto exchanges, who scramble to distance themselves from the fallout.
KuCoin is the latest crypto exchange to do so.
â€œProtecting our users’ benefits is a key priority for KuCoin,â€ said CEO Johnny Lyu. â€œOur users can rest assured that KuCoin has not incurred any asset losses at Silvergate Bank, and our funds are safe.â€
While expressing regret over Silvergateâ€™s liquidation, Lyu said he was relieved that users would receive their deposits in full. Lyu also called for the industry to bolster its risk management and compliance efforts.
“As an industry, we need to take note…
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