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Signature Bank Regulator Says It Was Closed for Not Providing Data: Report

The New York Department of Financial Services (NYDFS) shut down Signature Bank for “failing to provide consistent and reliable data” and not because of a bias against crypto, according to a March 14 report from the International Business Times. 

The regulator was witnessing a deluge of withdrawals from the bank over the weekend, and when it attempted to get information from the bank’s leadership, they failed to provide “reliable and consistent data,” the report said in a paraphrase of the regulator’s statement.

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