Signature bank, a titanic figure in the crypto industry, was shut down by New York’s state chartering authority Sunday. It was the second U.S. bank to shutter in the past week.
Regulators seized control of another bank on Sunday, closing New York’s Signature Bank in an attempt to prevent a domino effect in the wake of the implosion of Silicon Valley Bank. The bank, a titanic figure in the crypto industry, was shuttered by New York’s state chartering authority.
Its depositors will have access to “all” their money under “a similar systemic risk exception” to the one that will secure Silicon Valley Bank’s depositors, according toissued on Sunday by the Treasury Department, the Fed, and the Federal Deposit Insurance Corporation. The move was made “in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators” to protect customers. Signature’s failure marks the third-largest bank collapse in U.S.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
Crypto-friendly Signature Bank shut down by regulators, after collapses of Silicon Valley Bank, SilvergateState authorities closed Signature Bank Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008...
Read more »
U.S. Treasury says Silicon Valley Bank, Signature Bank 'not being bailed out'New policies adopted on Sunday by U.S. banking regulators will 'wipe out' equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said.
Read more »
One of Silicon Valley's top banks fails; assets are seizedRegulators have seized the assets of one of Silicon Valley’s top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago
Read more »
Silvergate and Silicon Valley Bank show the risks of banks concentrating in one areaCrypto was at an unfortunate confluence of events this week, which could mean heightened regulatory scrutiny. The industry isn't the problem, though.
Read more »
Silicon Valley Bank: Buy the dip in banks as crisis is unlikely to spreadBuy the dip in banks as the Silicon Valley Bank crisis is unlikely to spread, Goldman Sachs says
Read more »