NY Regulators Say Signature Bank Closure Unrelated to Cryptocurrency
The New York State Department of Financial Services (NYDFS) said on March 14 that its closure of Signature Bank was not related to the bank’s crypto industry ties.
Signature Bank Closure Not Due To Crypto Reasons
After former member of the U.S. House of Representatives Barney Frank said Signature Bank was targeted due to its links with the crypto market, there is a counter argument to it. On Monday, Frank said part of the reason behind seizure of the bank was meant by regulators as a very strong anti-crypto message. The bank was shut down in what was the third largest bank failure in the history of the United States. This came immediately after the sudden collapse of the Silicon Valley Bank.
Crypto Evening Briefing: Houbi Cut Ties With Signature Bank and Silvergate Before Their Collapse
Huobi disclosed to Reuters that its customers’ funds remain unaffected by the recent banking crisis in the USA since it has previously transferred all its assets from Silvergate and Signature Bank to other monetary institutions.
Houbi Cut Ties With Signature Bank and Silvergate Before Their Collapse (Report)
Huobi had reportedly withdrawn all its assets from Signature and Silvergate Bank prior to their demise.
Argo Blockchain Says Signature Bank-Held Funds Are Secure
Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) said a subsidiary held funds in cash deposits at Signature Bank, but these are secure and available for use. Neither it nor its subsidiaries had any exposure to Silicon Valley Bank or Silvergate, it added.
Biden Pledges ‘No Cost to the Taxpayer’ To Shield SVB, Signature Depositors
The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, US President Joe Biden assured that no American taxpayer would feel the burn as the federal government takes action to protect the affected depositors.
Three Fallen Banks
After one of the most consequential weeks of 2023, the digital asset industry is short three crypto friendly banking institutions in the US. However the principle investor response thus far appears to be a seeking safety in the most trustless major assets BTC and ETH.
Cointime News Wrapup-Afternoon Version: Debtors Saved over $100M Using De-pegged Stablecoins to Repay Loans
Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar.
Santander, HSBC, Deutsche and Others Still Willing to Serve Crypto Clients After Banking Failures, DCG Says
Crypto conglomerate Digital Currency Group (DCG) is trying to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank (SVB), Signature Bank (SBNY), and Silvergate (SI), according to messages viewed by CoinDesk.
Signature Bank’s Signet Platform Still Works, But Some Clients Have Moved On
Signet, a real-time payments platform popular with Signature Bank’s institutional crypto clients, will continue to operate after state regulators shuttered Signature Bank on Sunday to “protect depositors,” a source told CoinDesk. Signature Bank’s assets were transferred to Signature Bridge Bank – a new interim entity that will be temporarily run by the Federal Deposit Insurance Corporation (FDIC). Signet was launched on Jan. 1, 2019, as a proprietary blockchain-based digital payments platform. The service was integrated with digital asset custodian Fireblocks in 2020 to facilitate the secure movement, storage and issuance of digital assets. (Coindesk)
