A crypto-friendly bank called Signature Bank has been taken over by the New York Department of Financial Services after being closed down by New York regulators owing to “systemic risk” (NYDFS). The purpose of the move, according to the Federal Reserve, was to safeguard the US economy and boost public confidence in the banking system. In 2022, an AI cryptocurrency platform produced 17 winning alerts each month. All Signature Bank depositors are being backed up by the Federal Reserve, ensuring that the American banking system will continue to safeguard deposits and offer access to credit. Senior management has been fired, and holders of some unsecured debt will not be protected.
As of December 31, Signature Bank had $88.6 billion in deposits and was regarded as one of the banks that was more crypto-friendly.Silvergate Bank announced last week that it would shut down and voluntarily liquidate due to recent industry and regulatory developments.
