Coinbase Switches from Silvergate Bank to Signature Bank for Prime Customers

Crypto exchange Coinbase switched its USD banking partner from Silvergate Bank to Signature Bank for its Prime customers. The change is specific to banking in U.S. dollars and does not affect payment instructions in pounds or euros and is effective immediately.

Silvergate Bank announced that it's unable to file the annual 10-K report for the 2022 fiscal year in a file submitted to the US Securities and Exchange Commission (SEC). After the announcement, Silvergate's stock price plummeted over 31% in after-hours trading.