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Regulators shut down the crypto-friendly signature bank

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Last updated: March 12, 2023 at 7:22 PM ET

First posted: March 12, 2023 at 6:35 PM ET

State authorities shut down New York-based Signature Bank SBNY on Sunday, after regulators shut down the Silicon Valley bank on Friday in the bank’s biggest failure since the 2008 financial crisis.

All Signature Bank depositors will be made complete, according to a joint statement from the Treasury Department, the Federal Reserve and the FDIC.

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State authorities shut down the New York-based Signature Bank

SBNY

on Sunday, after regulators shut down a Silicon Valley bank on Friday in the bank’s biggest failure since the 2008 financial crisis.

All Signature Bank depositors will be made complete, according to a joint statement from the Treasury Department, the Federal Reserve and the FDIC.

See also: Regulators say Silicon Valley bank depositors will get ‘all their money’

Signature Bank has been popular among crypto companies, especially after the crypto-friendly Silvergate Bank

SI

Last Wednesday, it said it would close its operations.

Signature Bank provides deposit services for digital assets to its customers, but does not invest in them, does not trade, does not maintain its own balance sheet and does not provide custody of digital assets, nor does it lend or make loans secured by these assets, the company said.

On Sunday, the Federal Reserve also announced a new emergency loan program to boost the capacity of the banking system.

US stock markets traded higher on Sunday afternoon, with Dow Jones futures

YM00

by 0.5%, and the S&P 500 Index

ES00

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Futures rose 0.8%. Futures contracts for the Nasdaq 100 index

NQ00

It rose 0.9%, according to FactSet data.

Major cryptocurrencies rose on Sunday. bitcoin

BTCUSD

It increased by 6.4% in the last 24 hours to about $21,842 and ether

ETHUSD

It rose 7% to $1,576, according to CoinDesk data.

Rosario Tejeda
Rosario Tejeda
"Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver."

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