Signature’s Crypto Clients Told to Close their Accounts By April 5, Fate of Signet Unclear

Signature’s Crypto Clients Told to Close their Accounts By April 5, Fate of Signet Unclear

Signature Bank's cryptocurrency clients have been given until April 5 to transfer their funds to another bank or have their accounts closed by the federal regulator, according to Bloomberg.

The US Federal Deposit Insurance Corporation confirmed that these deposits belonged to digital asset clients. Any crypto deposits not transferred to another bank by April 5 will be liquidated, and a check mailed to the client's registered address.

While New York Community Bancorp (NYCB) bought most of the deposits and loans held by Signature Bank on March 19, the deal with the FDIC did not include “approximately $4 billion of deposits related to the former Signature Bank’s digital banking business.”

Also excluded from the deal was Signature’s payments platform Signet, which is powered by blockchain technology to facilitate real-time payments with no transaction fees or limits. The fate of Signet is still currently uncertain.

 

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