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Signature Bank’s Crypto Clients Must Close Accounts Within A Week

The US Federal Deposit Insurance Corporation (FDIC) has ordered Signature Bank's remaining crypto clients to close all of their accounts at the bank by April 5. This comes after the FDIC took over Signature Bank, which had a negative balance at the Fed and was unable to provide accurate data regarding the amount of deficit incurred after Silicon Valley Bank went bankrupt. The FDIC's notice pertains to the $4bn in deposits from crypto customers that were excluded from New York Community Bancorp's takeover of most of Signature's deposits and loans. The fate of Signet, the bank's payment network developed for cryptocurrency payments, remains unclear.

(By George Georgiev)

Signature Bank Banking Crisis FDIC
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