Breaking: Signature Bank closed by New York banking authorities

Breaking: Signature Bank closed by New York banking authorities

New York-based Signature Bank, another crypto-friendly bank, has been closed down by its state charter authority as of Mar. 12.

The Federal Reserve explained in a Mar. 12 statement that the decision was made in conjunction with U.S. Federal Deposit Insurance Corporation (FDIC) to protect the U.S. economy and strengthen public confidence in the banking system.

However, the Federal Reserve quickly noted that it is backstopping all depositors of Signature Bank.

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“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”

“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong

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