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FDIC Denies That Potential Signature Buyers Must Give Up Crypt | DeFi & Ethereum News

FDIC Denies That Potential Signature Buyers Must Give Up Crypto

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Reuters report previously stated that any purchaser of Signature Bank must agree to divest from crypto clients, a statement the FDIC has now denied. Following the collapse of Silvergate bank – one of the two main banks providing financial services to crypto platforms – former clients began pivoting to competitor Signature, only for the latter to be seized by U.S. authorities, citing significant liquidity issues.

The news dealt a blow to many mainstays of the crypto industry, de-pegging Circle’s USDC and causing uncertainty for Coinbase and Paxos, who, among others, had significant assets stashed away at Signature Bank. Faced with a public lack of trust in the banking sector, U.S. authorities decided over the weekend to place Signature Bank in receivership, informing its leadership mere hours before the public announcement was made. The bank was majorly invested in crypto, with over a quarter of all deposits coming from the industry. The bank and its assets were put up for sale by U.S. authorities.

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