Crypto Updates

US Regulator Will Require Any Buyer of Failed Signature Bank To Scrap the Company’s Crypto Business: Report

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

Regulators at the Federal Deposit Insurance Corporation (FDIC) are reportedly imposing a notable requirement for all interested buyers of failed lender Signature Bank.

Reuters reports that all banks interested in acquiring Signature Bank will have to agree to give up all of the company’s businesses that are related to crypto.

“Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added.”

The report says that interested buyers have until March 17th to submit their bids.

Regulators placed Signature into receivership over concerns that the firm cannot continue to do safe and sound business after customers pulled out approximately $17.8 billion on Friday, or 20% of the bank’s deposits.

Signature Bank is a popular crypto-friendly institution. By the end of September, nearly a quarter of its deposits were from the digital asset sector.

Former Democratic congressman from Massachusetts Barney Frank, who is also a Signature Board member, says that regulators seized the bank to send an anti-crypto message.

The New York Department of Financial Services (NYDFS), which took possession of Signature on Sunday, denies the allegation saying the closure is not because of crypto but due to a crisis of confidence in the bank’s leadership.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Click Here to Read the Full Original Article at The Daily Hodl…