The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY), this week, with bids due by March 17. However, sources familiar with the matter said the qualifications to purchase the banks are stringent, and reportedly, the purchasers cannot deal with crypto businesses anymore.
Controversy Surrounds Alleged Crypto Restrictions for Potential Bank Buyers
Last week, the second- and third-largest bank failures in America occurred within 48 hours of each other, and the two financial institutions are being sold this week. Unnamed sources familiar with the matter told Reuters that the FDIC is accepting bids for Silicon Valley Bank (SVB) and Signature Bank (SNBY), with final offers due on Friday, March
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