NY regulators say Signature Bank closure unrelated to cryptocurrency

The New York State Department of Financial Services (NYDFS) said on March 14 that its closure of Signature Bank was not related to the bank’s crypto industry ties.

Statements cited by various outlets including Fortune read:

“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 the FDIC was based on the current status of the bank and its ability to do business in a safe and sound manner on Monday.”

Previously, Signature board member and former U.S. representative Barney Frank alleged that the bank was closed to “send a strong anti-crypto message.”

Signature was known for serving several clients in the crypto industry including Coinbase.

However, statements from the regulator responsible for its closure clearly refute the notion that this was an issue. The NYDFS initially closed Signature on Monday, March 13.

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