A member of the bank’s board had previously claimed the agency wanted to send a message against crypto.
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The New York Department of Financial Services (NYDFS) shut down Signature Bank for “failing to provide consistent and reliable data” and not because of a bias against crypto, according to a March 14 report from the International Business Times. Signature Bank Board Member Barney Frank had previously accused the regulatory agency of shutting it down merely to “send a very strong anti-crypto message.”
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According to the report, an NYDFS spokesperson said that the shutdown had “nothing to do with crypto.” Instead, there was “a significant crisis of confidence in the bank’s leadership.” The
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