US-based Signature Bank’s cryptocurrency clients have been given until April 5 to move their funds to another bank, or their accounts will be closed by the federal regulator.
Reports suggest that the Federal Deposit Insurance Corporation (FDIC) has confirmed that deposits related to Signature Bank’s digital asset clients were not included in NYCB’s acquisition of most of the deposits and loans held by Signature Bank.
Approximately $4 billion of these deposits were not included in the deal. Depositors who have their accounts closed will receive a check to their registered address. New York Community Bancorp’s acquisition did not include Signature’s payments platform Signet, which is powered by blockchain technology.
Signature Bank was closed by New York regulators on March 12 amid concerns of a bank run, and the FDIC was appointed as the receiver of the bank.
