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FDIC chair takes responsibility for Signature Bank’s collapse, also cites crypto

0xMain
May 16, 2023

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A report from the FDIC has revealed that poor management was the primary cause of Signature Bank’s failure, uncovering the key factor responsible for the bank’s downfall. In response, the chair has assumed responsibility for the identified shortcomings, acknowledging accountability for the situation....

Digital asset exposure cited in GAO investigation of Signature Bank implosion

0xMain
May 11, 2023

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According to Michael Clements, the U.S. Government Accountability Office (GAO) is reviewing “large deposits from the digital asset space” to determine if cryptocurrency played a role in Signature Bank’s collapse. The review underscores the increasing concerns of regulators over the potential risks posed...

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Signature Bank collapse due to regulators, management

0xMain
April 28, 2023

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The fall of Signature Bank (SBNY) has been linked to a combination of executive mismanagement and insufficient intervention by federal regulators, exacerbating the bank’s exposure to risks in the crypto industry and the ripple effects from other banks’ failures. The downfall of Signature...

Tether used Signature Bank to access the US financial system

0xMain
April 6, 2023

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According to Bloomberg, Tether, the world’s largest stablecoin issuer, utilized Signature Bank to transfer funds from the United States to the Bahamas. Money was routed through the Bank’s Signet system Tether transferred funds from U.S. clients to Capital Union Bank, the issuer’s Bahamas-based...

Signature bank insiders sold $100m in stock, ‘ignored’ crypto risks

0xMain
April 4, 2023

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Recent reports indicate that Signature Bank insiders disposed of over $100 million in shares in the three years preceding the Bank’s fall. Insiders sold $100 million in stock Signature Bank stock plunged dramatically a few weeks ago in what has been termed the...

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FDIC gives Signature crypto customers deadline to close accounts

0xMain
March 30, 2023

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Signature Bank’s crypto clients have been given a deadline to close down their accounts and move their deposits following the recent takeover of the bank. According to Bloomberg, the US Federal Deposit Insurance Corporation (FDIC) informed customers of the failed Signature Bank to...

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Crypto firms turn to Swiss banks following Signature, Silvergate collapse

0xMain
March 22, 2023

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The collapse of Signature Bank and Silvergate Bank, two of the most crypto-friendly lenders in the U.S., has left many cryptocurrency firms in a state of uncertainty and desperation. As regulators crack down on banking institutions dealing with digital assets, in what industry...

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Coinbase suspends support for Signature Bank’s Signet payment service

0xMain
March 21, 2023

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Coinbase cryptocurrency exchange has told its customers that Signature Bank’s Signet payments solution will be suspended until further notice. Following the recent shutdown of Signature Bank, Brian Armstrong’s Coinbase crypto exchange has made it clear to its customers that Signet, the former’s real-time...

Signature Bank to return crypto deposits to customers directly

0xMain
March 20, 2023

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On March 20, 2023, the Federal Deposit Insurance Corp. announced that Signature Bank’s related deposits would be returned directly to the customers, contrary to the notion that the New York Community Bancorp would handle them. The Federal Deposit Insurance Corp. said that Signature’s...

FDIC insists buyer of Signature Bank drop crypto operations

0xMain
March 16, 2023

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The federal deposit insurance corporation (FDIC) has demanded that the prospective buyer of New York-based Signature Bank relinquish all cryptocurrency operations, highlighting growing regulatory concerns around digital assets. The federal deposit insurance corporation (FDIC), a U.S. government agency responsible for protecting depositors, is...