Signature Bank, a major lender in the crypto currency industry, was shut down by New York state regulators on Sunday.
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Signature is the second-largest bank in the cryptocurrency business, after Silvergate.
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Banking regulators announced that depositors at Signature Bank will have full access to their funds.
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This move identical to that taken to guarantee depositors at the failed Silicon Valley Bank received their money back. in an effort to halt the spread of the banking disaster.
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Signature revealed its impending liquidation. According to FactSet, it had a market valuation of $4.4 billion as of Friday, following a 40% drop this year.
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Signature Bank is a New York state-chartered commercial bank that is FDIC-insured, with roughly $110.36 billion in assets and $88.59 billion in deposits as of December 31, 2022.
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Signature Bridge Bank, N.A. is established as the successor to Signature Bank in New York, NY by the FDIC.
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The FDIC's deposit insurance fund will be used to cover depositors who were previously uninsured due to the $250,000 guarantee deposit limit.
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There were 40 Signature Bank locations nationwide, including ones in NY, CA, CT, NC, and NV. All banking operations, including online banking will restart on Monday, March 13, 2023.
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