Here is the latest update for CoinZoom customers regarding recent regulatory action in the banking sector.
No Impact to Customer Funds
Customer deposits are not impacted by this action and customers do not need to do anything. All customers can continue depositing and withdrawing as normal using the most up-to-date wiring instructions, below.
CoinZoom welcomes the regulatory action to ensure the integrity of the US banking system and we are confident it will strengthen the financial industry. This FAQ will help you with questions you may have about the action.
As always, we welcome your questions at support@coinzoom.com.
Where are the Latest Wiring Instructions?
The current wiring instructions are on the web app (Portfolio -> USD -> Deposit): https://trade.coinzoom.com/portfolio/deposit
The only change to mobile app instructions is the update to the new bank name, Signature Bridge Bank, and will be reflected on the screens as soon as the app stores release the latest versions.
Funds Held at Signature Bank are 100% Secure - No Action Required for CoinZoom Customers
We want to assure you that your funds are secure and accessible and not affected by the events that transpired over the weekend. All funds are available according to usual operating procedures.
The joint statement CoinZoom received from the Department of the Treasury, Federal Reserve, and FDIC regarding Silicon Valley Bank and Signature Bank stated:
The boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
Read the full statement here: https://home.treasury.gov/news/press-releases/jy1337
How Will This Affect CoinZoom Customers?
Based on the Joint Statement, all of CoinZoom’s funds held at Signature Bank are fully guaranteed by the Treasury Department, Federal Reserve and FDIC.
Based on the Joint Statement, the funds held in CoinZoom’s accounts at Signature Bank will be available on Monday, March 13th. When these funds become available on Monday, they will be wired to our other banking partners. Any customers wishing to withdraw funds via wires on Monday and going forward will continue to be processed as usual.
What Should Customers do Going Forward?
Currently, customers can deposit to their CoinZoom accounts using Apple Pay, Google Pay, Credit Cards, Debit Cards, ACH, Direct Deposit, CoinZoom Cash and crypto. All of these deposit channels are outside of Signature Bank, and will continue as normal.
Signature Bank was one of the banks we used for wires. We have updated our wiring instructions to the current bank name. The mobile apps will reflect the updated bank name in the next few days.
What is CoinZoom’s Commitment?
We applaud the Treasury Department, Federal Reserve, and FDIC for their swift action to protect depositors of both Silicon Valley Bank and Signature Bank, as well as providing additional support for the banking system.
CoinZoom customers will be able to conduct all business as normal. You can use your CoinZoom Visa card, use all deposit and withdrawal options as normal, buy and sell any of our supported digital assets as normal.
We thank you for being a customer and want you to know that we continue to work on having the most secure and trusted company for your business.