Crypto-friendly signature bank shut down by regulators

State Authorities Shut Down New York Signature Bank SBNY,
on Sunday after Silicon Valley Bank was shut down by regulators on Friday as part of the biggest bank failure since the 2008 financial crisis.

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

See also: Silicon Valley bank depositors are getting “all their money,” regulators say

Signature Bank has been popular with crypto businesses, especially after crypto-friendly Silvergate Bank SI,
said last Wednesday it would cease operations.

Signature Bank provides deposit services for its customers’ digital assets, but does not invest in, trade, maintain its own balance sheets, or hold digital assets in digital assets, and does not make loans against or make loans secured by such assets. said the company.

The Federal Reserve also announced a new emergency lending program on Sunday to bolster the capacity of the banking system.

US stock markets traded higher on Sunday afternoon, with Dow futures YM00,
up 0.5%, and the S&P 500 ES00,
Futures up 0.8%. Futures for the Nasdaq 100 NQ00,
rose 0.9% according to FactSet data.

Major cryptocurrencies rallied on Sunday. bitcoin BTCUSD,
up 6.4% in the last 24 hours to around $21,842 and Ether ETHUSD,
up 7% to $1,576, according to CoinDesk data. Crypto-friendly signature bank shut down by regulators

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