On Wednesday, Silvergate stated that it would delay the filing of its annual 10-K report due to outstanding requests from its auditors, accounting firm, and regulatory bodies. The bank also cautioned that it could face investigations from regulators and the U.S. Department of Justice, which could impact its ability to operate as a viable business over the coming year.

Major cryptocurrency exchanges including Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital, and Gemini have suspended their ACH transfers and other business operations with Silvergate Bank. This announcement came after LedgerX, a crypto derivatives provider, made a similar announcement a few days prior.

Moreover, Kraken is the only major crypto exchange that continues to use Silvergate, having terminated some of its transactions with rival bank Signature on Wednesday.

According to Silvergate Bank’s filing on Wednesday, it will have to repay loans it received from the Federal Home Loan Bank (FHLB) last year. The bank cited various circumstances that have negatively impacted its timing and unaudited results, including selling additional investment securities beyond what was previously disclosed in its earnings release, primarily to repay the FHLB advances in full. In January, crypto news outlet Protos reported that both Silvergate and Signature were utilizing FHLB loans, receiving a combined total of up to $15 billion.