Whoever buys Signature Bank, which was seized by regulators and will be auctioned off, must agree to give up its cryptocurrency business,The Federal Deposit Insurance Corporation has asked parties interested in buying the shuttered bank to submit bids by Friday, the publication reported on Wednesday.
An FDIC spokesperson told Insider that the potential buyer determines the conditions of their bid, and informs the regulator which assets and liabilities from the defunct bank they are willing to take. Signature was one of three specialist banks that closed last week. They also included Silicon Valley Bank, the second-largest banking failure to date, along with Silvergate Bank. All of the now-defunct firms serviced crypto-related clients.
Signature customers, spooked by the downfall of SVB, pulled over $10 billion in deposits last Friday.
He added:"We had no indication of problems until we got a deposit run late Friday, which was purely contagion from SVB." for possible lax money-laundering monitoring by the Securities and Exchange Commission and the Department of Justice before it was seized.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BTCTN - 🏆 531. / 51 Read more »