{"id":75069,"date":"2023-03-06T12:06:31","date_gmt":"2023-03-06T10:06:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75069"},"modified":"2025-09-10T03:24:14","modified_gmt":"2025-09-10T00:24:14","slug":"silvergate-bank-closes-the-sen-payment-network","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/silvergate-bank-closes-the-sen-payment-network\/","title":{"rendered":"Silvergate Bank closes the SEN payment network"},"content":{"rendered":"

Silvergate Bank announced it is ceasing operations of its own payment network SEN<\/span>. The information was posted on the site<\/a>.<\/p>\n

\"Silvergate
Source: Silvergate’s site.<\/figcaption><\/figure>\n
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\u201cSilvergate Bank made a risk-based decision to terminate the Silvergate Exchange Network, which takes effect immediately. All other deposit-related services continue to operate,\u201d the statement said.<\/p>\n<\/blockquote>\n

A company spokesperson told CoinDesk<\/a> that a similar message had been sent to crypto-sector companies.<\/p>\n

SEN is an internal payments network that clients can use to conduct transactions between themselves. Among the latest users were Binance.US, Kraken and Gemini.<\/p>\n

Silvergate decided to wind down the service shortly after Moody\u2019s downgraded<\/a> its rating from \u201cBa3\u201d to \u201cB2\u201d.<\/p>\n

On March 2, the financial organization announced<\/a> the delay in publishing its annual report for the SEC<\/span>, amid which its market capitalization fell by 48.82%.<\/p>\n

On March 3, short-seller trader Marc Cohodes published on Twitter photographs of an allegedly abandoned company office.<\/p>\n

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No one home.. Just now at HQ $SI<\/a> pic.twitter.com\/kQ6TJ5798A<\/a><\/p>\n

\u2014 Marc Cohodes (@AlderLaneEggs) March 3, 2023<\/a><\/p><\/blockquote>\n