Chairman of FDIC Attributes American Signature Bank Collapse to Liquidity Crisis and Crypto-Related Risks
Investigation of the collapse of the American Signature Bank found that the cause was a liquidity crisis and poor management. However, the chairman of the Federal Deposit Insurance Company (FDIC) is sure: cryptocurrencies have done their part. Martin Gruenberg, speaking ...
Tough Regulations in Cryptocurrency Market: Crisis or Opportunity?
It is possible that such pressure from the authorities has a positive effect Counterparties with weak or unreliable structures will leave the market, making room for others The Fed is expected to raise interest rates again today, May 3, after which the market wil ...
Cross River Bank Faces Scrutiny Over Compliance with Fair Lending Laws
Bank has until May 7 to submit a "work on mistakes" report This is the largest counterparty in the U.S. financial field that has willingly partnered with fintech firms The Federal Deposit Insurance Corporation (FDIC) issued a "consent order" last week. It said Cr ...
US Bank Cross River Ordered to Cease Support for Crypto Projects by FDIC
American bank Cross River, which supports crypto projects, has been instructed by the Federal Deposit Insurance Corporation (FDIC) to stop this type of activity. The FDIC has initiated enforcement proceedings for "unsafe and unsound" banking practices against cryptocurrency ...
Financial Services Committee Members Suspect Operation “Choke Point 2.0” Against Crypto Businesses
Financial Services Committee members demand access to internal correspondence They suspect that operation "Choke Point 2.0" has been launched against the cryptocurrency business The FDIC, OCC and Fed have previously repeatedly hinted to banks that links to this se ...
First Republic Bank Faces Seizure as Customer Capital Outflows Exceed $100 Billion
In March, customer capital outflows from the organization exceeded $100 billion With the bank "up to its neck" in debt First Republic Bank's stock has fallen more than 50% Bankers expect it to be seized as soon as First Republic Bank could ...
NYDFS Superintendent Rejects Claim that Signature Bank Closure was Due to Cryptocurrency Clients
The superintendent in charge of the New York State Department of Financial Services (NYDFS) has dismissed claims that Signature bank's closure was related to its dealings with cryptocurrency companies, deeming such allegations as absurd. Adrienne A. Harris clarified that the actual reason for the ...
FDIC Sets Deadline for Cryptocurrency Clients of Bankrupt Signature Bank to Withdraw Funds
The FDIC, the U.S. Federal Deposit Insurance Corporation, has recently announced that customers of Signature Bank who hold cryptocurrency accounts have until April 5th to close their accounts and withdraw their funds. As of March 20th, Flagstar Bank has taken over the operation of 40 former Signa ...
Coinbase Halts Support for Signet Following Signature Bank Shutdown
Coinbase, a well-known cryptocurrency exchange, recently announced that it has ceased supporting Signet, a digital payment platform owned by Signature Bank. This decision was made after US regulators shut down Signature Bank last week. Coinbase is now actively seeking a new technology provider, w ...
Sells Signature Bank Assets Without Cryptocurrency Business
The US Federal Deposit Insurance Corporation (FDIC) recently announced the sale of Signature Bank's assets, with one notable exception: the cryptocurrency business. Effective March 20th, Flagstar Bank will operate the 40 former Signature branches, and Signature savers who were not involved in dig ...
FDIC Denies Reports of Forcing Signature Buyers to Abandon Cryptocurrency Business
The FDIC, which is responsible for insuring bank deposits in the United States, has refuted recent claims that it is demanding prospective buyers of Signature Bank to completely relinquish the bank's cryptocurrency-related business. According to reports from Reuters, which relied on anonymous sou ...
US FDIC Requires Buyers to Abandon Cryptocurrency Business of Signature Bank
According to a recent report by Reuters, the FDIC in the US has imposed a new condition for prospective buyers of Signature bank. Apparently, any party interested in acquiring Signature will need to agree to completely divest from the cryptocurrency business of the bank. Sources say that the F ...
Banks in Crypto Industry Facing Challenges: Silvergate, Signature, and Silicon Valley Terminate Operations
Silvergate Bank March 2023 has been a challenging month for banks operating in the crypto industry. The termination of operations has already been announced by Silvergate, Signature and Silicon Valley. What awaits crypto investors amid these events? Silvergate Bank The ...