California-based Silvergate Bank is known as the heart and soul of financing for the crypto industry.

They’ve stepped into the role as traditional institutions refused to get involved in the volatile market.

But now, Silvergate’s willingness to bet big time may be biting them in the end as the institution loses major customers and faces federal investigations in the wake of FTX’s collapse.

Silvergate wrote in a notice to the SEC that it would be unable to file its annual report on time, citing regulatory and financial uncertainty. The filing read in part, “The Company is evaluating the impact that these subsequent events have on its ability to continue as a going concern.”

On Thursday, Coinbase announced that it would no longer accept or initiate payments to or from Silvergate.

They cited “recent developments” and “abundance of caution” for reasoning.