As of March 9, Silvergate will halt operations and undergo liquidation.

On Mar. 2., Yahoo Finance reported that LedgerX started diverting clients to Signature. In a bid to distance itself from Silvergate Bank, LedgerX has opted to switch to Signature Bank as its new domestic wire transfers receiver, rumors that were reported by both Yahoo and Bloomberg but verified by neither Signature or LedgerX.

Cryptocurrency exchange Kraken is stepping away from Signature Bank for processing certain transaction types due to decisions made by the New York-based banking firm. 

Crypto exchange Coinbase (COIN) has switched to Signature Bank (SBNY) to facilitate its service for Prime account holders to Signature Bank.

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Crypto exchange Kraken is pulling back from using crypto-focused bank Signature Bank for some significant financial transactions, according to a report from Bloomberg, in the latest move away from a specific bank by a crypto exchange.

LedgerX, a trading platform offering derivatives products based on Bitcoin and Ethereum cryptocurrencies, is no longer using Silvergate Bank to receive domestic wire transfers, according to a Bloomberg report.

Sequoia Capital, the creator of “Inspector Gadget,” Signature Bank and others linked to defunct crypto exchange FTX were slapped with a class action lawsuit this week, which alleges the defendants knew about the alleged fraud at the company and “did not care.” 

Signature Bank — known to be friendly to crypto clients — announced today that DePaolo, its current CEO and president, will transition to a senior advisory role this year. The firm's chief operating officer, Eric Howell, will step into the president role, effective March 1, and will eventually take the reins as CEO following DePaolo's transition into the senior advisor role, the company said in a release.

British Virgin Islands-based investment management and cryptocurrency trading firm Statistica Capital has filed a lawsuit against New York-based Signature Bank, alleging that the financial institution facilitated the fraudulent activities of crypto exchange FTX before its collapse.