Signature Bank Shuts Down, NYDFS Denies Crypto Connection

• The New York State Department of Financial Services (NYDFS) recently shut down Signature Bank, denying any crypto-related reasons behind the closure.
• Former United States representative Barney Frank suggested that the bank’s closure was crypto-related and was meant to “send a strong anti-crypto message.”
• The Treasury Department revealed that they will devise an emergency plan to return all customer funds with the same plan being applied to Silicon Valley Bank and Silvergate Bank customers.

Signature Bank Shutdown

The New York State Department of Financial Services (NYDFS) recently shut down Signature Bank, denying any crypto-related reasons behind the closure. Former United States representative Barney Frank suggested that the bank’s closure was crypto-related and was meant to “send a strong anti-crypto message.” The Treasury Department revealed that they will devise an emergency plan to return all customer funds with the same plan being applied to Silicon Valley Bank and Silvergate Bank customers.

Crypto Connection Denied

According to the regulatory body, the latest shutdown of the Signature Bank is not related to its cryptocurrency dealings. NYDFS Denies Crypto Connection On March 14, the regulator responsible for the Signature Bank’s closure, i.e., the New York State Department of Financial Services (NYDFS), announced that the decision was not influenced by the bank’s ties with the cryptocurrency industry. The bank was known to work extensively with multiple crypto firms, with about 30% of its deposits estimated to originate from crypto. However, a spokesperson from the regulatory department categorically denied any crypto-related reasons behind the closure of this financial institution. A statement claims, „The decisions made over the weekend had nothing to do with crypto…The decision to take possession of the bank and hand it over to