It’s hard not to give in to a certain paranoia in the current context of group fire against the cryptocurrency sector. With the latest case to date, a lawsuit brought against the Binance platform by the Commodity Futures Trading Commission (CFTC) of the United States, the real motivations of which are difficult to identify. If not yet another way of trying to monopolize the regulatory management of this digital economy.
News recently shaken up by the flash bankruptcy of Silicon Valley Bank (SVB). Because in its wake major crypto-banks have been imposed a sometimes very questionable closure, as for the Signature Bank folder. Indeed, and as if by chance, the buyer of this structure has just announced the establishment of a “rescue” procedure. ” The problem ? There is no room in the canoes for crypto clients!
Signature Bank – Exit les clients crypto
Signature Bank is officially taken over by Flagstar Bank, a subsidiary of New York Community Bancorp. An operation estimated at $12.9 billion in debt and $38.4 billion in assets, for a profit of $2.7 billion. And following this, the reopening of 40 branches of this former crypto-bank, definitively rid of any relation to the cryptocurrency sector.
In fact, this procedure does not include Signature Bank’s many crypto clients in its takeover. And this whether it is indifferently individuals or Web3 companies. With an estimated amount of around 4 billion dollars related to cryptocurrencies which must imperatively be moved before April 5th.
« We are reaching out to Signature depositors whose deposits were not included in the NYCB offer. Flagstar’s offer did not include approximately $4 billion in deposits related to Signature’s digital asset business. These are the deposits we encourage customers to move before April 5th. If they haven’t by that date, we’ll send checks to the addresses on file. »
Federal Deposit Insurance Corp (FDIC)
A decision without any basis since even the Department of Financial Services of the State of New York affirms it, Signature Bank’s struggles aren’t related to its relationship to the cryptocurrency industry. Indeed, the cause of this procedure would be more precisely a lack of transparency on the part of its leaders. But no matter, the Federal Deposit Insurance Corporation (FDIC) in charge of this file imposes a disappearance of this crypto activity.
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