Signature Bank closed by authorities citing systemic risk

Beat me by one minute... called it


That makes 3 for 3 of the major crypto banks that has closed in the last 2 weeks alone. Silvergate, Silicon Valley Bank, and Signature Bank.

SBNY and SI were the two major on/off ramps for cryptoassets into real money. With signet and SEN now shutdown it is going be a lot harder for crypto exchanges to do business.

Funny I think coinbase had just switched from Silvergate to SBNY.

Coinbase had switched just 10 days ago

Coinbase cuts ties with Silvergate and moves to SBNY

Fed Statement

quote:

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We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

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Fed Statement

Be curious like in SVB who all was banking there... We know Coinbase, Circle, and Binance were all there

Is this the bank that lets people finance furniture over 108 payments? If so, I'm not surprised.

quote:

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All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. Shareholders and certain unsecured debtholders will not be protected.

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Depositers will be protected.

The bank will be sold.

Shareholders will take the loss.

That is the news.

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