Crypto Evening Briefing: Crypto-Friendly Signature Bank Probed by U.S. DOJ Before Its Collapse
Signature Bank was reportedly the subject of a probe by the United States Department of Justice earlier this week.
Crypto-Friendly Signature Bank Probed by U.S. DOJ Before Its Collapse
Signature Bank, the crypto-friendly financial institution that was shut down by the New York Department of Financial Services (NYDFS) on 13 March, was reportedly the subject of a probe by the United States Department of Justice earlier this week.
New York Regulator Says Signature Bank Closure ‘Nothing to do’ with Cryptocurrencies
The decision to shut down Signature Bank at the weekend was not related to cryptocurrencies, a spokesperson of the New York State Department of Financial Services (NYDFS) told Reuters on Tuesday. The NYDFS said the lender had “a significant crisis of confidence in the bank’s leadership” and the closure was “based on the current status of the bank and its ability to do business in a safe and sound manner,” according to the report. The authority’s statement came after former congressman Barney Frank, a Signature Bank board member, told CNBC that the closure was related to “regulators wanted to send a very strong anti-crypto message.” (forkast)
Signature Bank Investigated for Money Laundering Prior to Demise: Report
According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures to detect potential money laundering by its clients.
Signature Bank Faced Criminal Probe Ahead of Firm’s Collapse
US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter.
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.
Signature Bank Shutdown Caused by ‘Crisis of Confidence’ in Leadership, NYDFS Says
Signature Bank was not shut down for crypto-related reasons, the New York Department of Financial Services said Tuesday, rejecting claims that the regulator took over the bank to send an "anti-crypto message."
New York’s DFS Takes Possession of Signature Bank to Protect Depositors
Signature Bank, which is FDIC-insured, has total assets of around $110.36 billion and total deposits of about $88.59 billion as of December 31, 2022.
NYDFS Pushes Back Against Claim That Signature Bank Takeover Was Crypto Related
A New York regulator rebuffed criticism from former congressman Barney Frank and said its decision to take over Signature Bank was not related to the bank's work with digital asset businesses.
Signature Bank and Former Executives Sued by Shareholders for Alleged Fraud
On March 14, a class action lawsuit was filed against the recently shut down crypto-friendly, New York-based Signature Bank, and its former chief executive office, Joseph DePaolo, chief financial officer, Stephen Wyremski, and chief operating officer, Eric Howell, for allegedly committing fraud Reuters reported.
