On Tuesday, Huobi Global revealed that it has withdrawn all funds from the insolvent New York-based Signature Bank and Silvergate Capital Corp, leaving the accounts of exchange customers undisturbed.
The defunct New York-based Signature Bank and Silvergate Capital Corp. had all of their funds withdrawn by the cryptocurrency exchange Huobi Global on Tuesday, March 14, but the assets of exchange customers were unaffected.
A Huobi representative said, "Silvergate used to be Huobi's bank, but all assets were taken out some time ago and there is currently no financial interaction. Money from Signature Bank has been taken out and shifted to other banking institutions".
Justin Sun, the creator of Huobi Consulting and Tron, claims that their companies were unaffected by the bank failures. Notwithstanding recent market turbulence, the company is committed to achieving its long-term goal of creating a more secure, open, and user-friendly financial system. Using its expertise in blockchain technology and digital asset management, Huobi is well-positioned to carry out this objective and influence the financial landscape of the future.
The action is a part of a bigger effort to diversify the exchange's banking relationships, which will help strengthen its resilience in the face of upcoming legal and regulatory challenges. By working with a wider range of financial institutions, the fm hopes to ensure that the assets of its users are safe and easily accessible. It also aims to uphold a high level of transparency and abide by local laws and regulations. With this most recent development, the platform has made a major progress toward achieving these goals and solidifying its position as a leading player in the global cryptocurrency market.
