Signature bank, a titanic figure in the crypto industry, was shut down by New York’s state chartering authority Sunday. It was the second U.S. bank to shutter in the past week.
Regulators seized control of another bank on Sunday, closing New York’s Signature Bank in an attempt to prevent a domino effect in the wake of the implosion of Silicon Valley Bank. The bank, a titanic figure in the crypto industry, was shuttered by New York’s state chartering authority.
Its depositors will have access to “all” their money under “a similar systemic risk exception” to the one that will secure Silicon Valley Bank’s depositors, according toissued on Sunday by the Treasury Department, the Fed, and the Federal Deposit Insurance Corporation. The move was made “in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators” to protect customers. Signature’s failure marks the third-largest bank collapse in U.S.
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