Crypto Exchange CEX.io Boosts US Push With Silvergate's Payment Network

U.K.-based cryptocurrency exchange CEX.io has joined the Silvergate Exchange Network, the payment rail connecting major customers of Silvergate, the go-to bank of the crypto space.

In an interview with CoinDesk, Steve Gregory, CEX.io's global chief operating officer and chief compliance officer of its U.S. subsidiary, called Silvergate "The gold standard" when it comes to U.S. crypto compliance, and said joining SEN meant being included in a kind of institutional crypto "Club".

By participating in SEN, CEX.io is connected directly to big institutional crypto players like Coinbase Prime, Cumberland, Kraken OTC, BitStamp, Jump and Circle, to name a few.

CEX.io, which began offering services to US customers in 2015, established a headquarters in Jersey City, NJ, and now holds some 17 state license.

"We are in the club now. Silvergate is the biggest bank in the space and with the SEN and we can facilitate trades to some of those larger institutions that are members."

SEN provides Silvergate's large institutional clients an instant fiat payment rail, 24 hours a day, seven days a week.

As well as Kingdom Trust and trading firm OTCXN. There's a short list of banks that will handle crypto companies.

CEX.io US also recently became a customer of Nevada-licensed trust company Prime Trust, which now provides the fiat on-ramp and banking relationship for Binance U.S. Signature Bank is another popular crypto bank, which CEX has worked with.

"Signature Bank has been great to us and has been efficient and seamless to work with," said Gregory.

Based on this limitation, he said CEX.io "Will use Silvergate for retail, under $50,000, ACH and wire deposits or withdrawals."