Signature Bank crypto customers must close accounts within a week

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Die Mitteilung erfolgt nach dem Kauf der meisten Einlagen und Kredite von Signature durch NYCB. Nachdem Signature von der FDIC unter Zwangsverwaltung gestellt worden war, begann das Ausschreibungsverfahren für seine verbleibenden Geschäftstätigkeiten sowie das mit dem Unternehmen verbundene Branding. Die Übernahme durch die FDIC erfolgte kurz nach dem Zusammenbruch von Silvergate und SVB. Die Entscheidung war möglicherweise auf die laufenden Ermittlungen zu den Geschäften von Signature zurückzuführen, bei denen Vertreter der Signature Bank keine genauen Angaben zum Defizit machen konnten, das nach der Insolvenz der SVB entstanden war. Grünberg: Die Signature Bank hat am 10. März, dem Tag der Schließung …
The message takes place after the purchase of most of the deposits and loans from Signature by NYCB. After signature was provided by the FDIC under forced administration, the tender procedure for its remaining business activities and the branding associated with the company began. The takeover by the FDIC took place shortly after the breakdown of Silvergate and SVB. The decision was possibly due to the ongoing investigations into the business of signature, in which representatives of the Signature Bank could not provide any precise information about the deficit that had arisen after the bankruptcy of the SVB. Grünberg: The Signature Bank has on March 10, the day of closure ... (Symbolbild/KNAT)

The notification takes place after the purchase of most of the insoles and loans from Signature by NYCB.

After signature was provided by the FDIC under forced administration, the tendering process for its remaining business activities and the branding associated with the company began.

The takeover by the FDIC took place shortly after the collapse of Silvergate and SVB. The decision was possibly due to the ongoing investigation into the business of signature, in which representatives of the Signature Bank could not provide any precise information about the deficit that had arisen after the insolvency of the SVB.

Grünberg: The Signature Bank lost 20 % of its deposits on March 10, the day of the SVB's closure.

Signature had a negative balance at the Fed at the end of the business, and "bank management could not provide any precise information about the amount of the deficit". pic.twitter.com/679dnnrzj

- Nick Timiraos (@nicktimiraos) 27. March 2023

Divestment decided by the bank

At that time there were rumors that every company who wanted to buy Signature Bank had to agree to separate from the crypto industry. The Signature Bank, which, in addition to Silvergate, provided a large part of the infrastructure for crypto companies, was actually not forced to part with the crypto industry.

According to FDIC, no sale was required, although potential customers were informed about the risks of crypto.

Shortly afterwards, the New York Community Bancorp took over some of the Signature and most of its deposits through its subsidiary Flagstar Bank. However, the deposits of crypto customers of around $ 4 billion were notoriously excluded from the deal.

These deposits remained in the FDIC in bankruptcy management, together with Signet, the payment network of the signature banks, which was developed for cryptocurrency payments.

Notification of accounting given

All hopes that crypto customers will find an alternative agreement to stay in business with the Signature Bank, but have now been nullified.

Last night the FDIC sent a message to the remaining crypto customers of Signature that they have to close all their accounts at the bank by April 5. If no new bank agreements have been made by the companies involved, a check will be sent to the company's headquarters, which enables them to pay off at a later date.

"We are contacting the inserts of Signature whose deposits were not included in the NYCB offer. The flagstar offer did not include any deposits of around $ 4 billion in connection with the digital-asset business of signature. These are the deposits that we recommend moving to our customers before 5. stored address. “

Although the current news indicates that crypto -related deposits will be liquidated shortly, the FDIC refused to comment on the fate of Signet, which will remain under the control of the FDIC until further notice.

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