Crypto News

Signature Bank Asks Crypto Clients to Close Their Accounts by April 5

Signature Bank Orders Crypto Clients to Close Accounts by April 5th Source: Financial Times

Reports have emerged that clients of Signature Bank who use its cryptocurrency services have until April 5 to withdraw their funds or have their accounts closed by federal regulators.

New York Community Bancorp (NYCB) bought the majority of Signature Bank’s deposits and loans on March 19, but around $4 billion of deposits from the bank’s digital banking business were excluded from the deal.

According to a spokesperson from the Federal Deposit Insurance Corporation (FDIC), the agency was “reaching out to depositors from Signature” who were not included in NYCB’s bid.

The FDIC was appointed receiver of Signature Bank when it was closed by New York regulators on March 12. Signature’s payments platform, Signet, which is powered by blockchain technology, was also excluded from the NYCB deal, leaving its future uncertain.


Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.