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Mar 17, 12:00 pm
Decrypt
FDIC Denies Report That Signature Bank Buyer Must Give Up on Crypto
The Federal Deposit Insurance Corporation has denied a report from Reuters that prospective purchasers of Signature Bank would have to stop doing business with crypto. The FDIC clarified that it would not require divestment of crypto activities as part of any sale, and the New York Department of Financial Services stated that the decision to place Signature into receivership was based on the bank's ability to do business in a safe and sound manner. Bidders with existing banking charters will be allowed to review the bank's financials before submitting an offer.
The Federal Deposit Insurance Corporation has denied a report from Reuters that prospective purchasers of Signature Bank would have to stop doing business with crypto. The FDIC clarified that it would not require divestment of crypto activities as part of any sale, and the New York Department of Financial Services stated that the decision to place Signature into receivership was based on the bank's ability to do business in a safe and sound manner. Bidders with existing banking charters will be allowed to review the bank's financials before submitting an offer.
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