[ad_1]
Regulators at the Federal Deposit Insurance Corporation (FDIC) reportedly imposed critical requirements for all interested buyers of failed lenders’ Signature Banks.
Reuters reports that all banks interested in acquiring Signature Bank must agree to divest all of the company’s crypto-related business.
“Each Signature buyer must agree to hand over all crypto business at the bank, the two sources added.”
The report says that interested buyers have until March 17 to submit their offers.
Regulators put Signature into custody over concerns that the company could not continue to conduct safe and sound business after customers withdrew an estimated $17.8 billion on Friday, or 20% of bank deposits.
Signature Bank is a popular crypto-friendly institution. At the end of September, nearly a quarter of its deposits came from the digital assets sector.
Former Democratic congressman from Massachusetts Barney Frank, who is also a member of the Signature Council, said regulators seized banks for sending anti-crypto messages.
The New York Department of Financial Services (NYDFS), which took over Signature on Sunday, denies the accusations saying the closure was not because of crypto but because of a crisis of confidence in the bank’s leadership.
Don’t Miss a Beat – Subscribe to get crypto email alerts sent straight to your inbox
Check Price Action
Follow us on TwitterFacebook and Telegram
Explore Daily Hodl Mixes
 
Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should exercise due diligence before making high-risk investments in Bitcoins, cryptocurrencies or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Resulting Image: Midjourney
[ad_2]
Source link
