Another US Crypto Bank has collapsed: Signature Bank is closed by regulators, the third US bank failure in a week
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[I saw a story about 3 US Banks failing in a week but we need to be clear about the facts. SVB is the only "normal" bank that failed. Furthermore, the more I learn about SVB, the more it looks like a rather weird bank that did a lot of RISKY weird stuff. The other 2 "banks" that have failed are Silvergate and Signature Bank. But they're actually heavily linked to CRYPTO. And they are being whacked due to what the Jew shit bag, Sam Bankman Fried did with FTX. We're seeing earthquakes. What is very interesting is that the Fed has said it will give EVERYONE ALL THEIR MONEY BACK. If the Fed does this, it will certainly help massively. We need to see how this week goes. The US authorities are moving in FAST on these banks. Let me find out more. Jan]
Signature Bank, one of the two big US destinations for crypto companies, has been closed by New York regulators. “All depositors of this institution will be made whole,” the Treasury, Federal Reserve and Federal Deposit Insurance Corporation said in a joint statement.
This is the third major bank that has fallen in the space of a week, and investors are spooked. The joint announcement that depositors will be protected above the $250,000 guaranteed by the FDIC appears to be meant to reassure banking customers that their money will not be frozen. Signature had $88.59 billion in deposits as of December 31, 2022. The New York Department of Financial Services has taken possession of the bank.
Signature was one of two banks that was widely used in cryptocurrency. Like Silvergate, which collapsed on March 8th, Signature had a network that let crypto companies transfer dollars in real-time. With both crypto banks gone, it may be harder to get back into dollars.
Crypto exchange Coinbase had $240 million in cash at Signature, the company said on Twitter. But because of the hold on the Signature funds, Coinbase will use other banking partners for client transactions.
Additionally, the Fed’s announcement said that depositors at Silicon Valley Bank will also be made whole. That’s good news for crypto — since stablecoin provider Circle was keeping $3.3 billion of its reserves there. Circle operates USDC, a token that is always meant to be worth $1 — and an important part of crypto payments.
Circle is affected by Signature’s closing, too. It will use BNY Mellon instead, said CEO Jeremy Allaire in a tweet.
Also in the statement, the regulators said that depositors of Silicon Valley Bank, a non-crypto bank that failed on March 10 following a bank run, will have access to their uninsured deposits on Monday. The statement noted that in both cases, no losses would be paid for by taxes.
Source: https://www.theverge.com/2023/3/12/23636780/crypto-collapse-fdic-treasury-shut-down-signature-bank
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