Crypto Firms Are Retreating to Swiss Banks After Industry Meltdown
American crypto companies are quickly moving offshore to find reliable banking access. With the largest crypto-supportive banks in the U.S. crumbling at the seams, industry firms appear to be retreating to Switzerland for a financial lifeline. Crypto-focused banks in the region are reporting higher traffic after Silvergate, Signature Bank, and Silicon Valley Bank (SVB) all effectively failed over the past two weeks.
SEBA Bank managing director Yves Longchamp told Reuters via email that the bank has experienced a “pronounced uptick” in traffic from the United States, according to a report published Monday. Representatives from the bank’s Singapore, Hong Kong, Abu Dhabi, and Switzerland offices also noted more interest from American clients. Meanwhile, the country’s Arab Bank has seen increasing interest from crypto venture capital businesses since early March, when doubts around Silvergate’s finances began to circulate. Arab Bank’s head of treasury, Rani Jabban, said 80% of its prospective client increase came from former Silvergate customers.
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