{"id":1668,"date":"2023-03-14T17:40:07","date_gmt":"2023-03-14T17:40:07","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=1668"},"modified":"2023-03-14T17:40:10","modified_gmt":"2023-03-14T17:40:10","slug":"signature-bank-closure-not-related-to-crypto-says-ny-regulator","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/","title":{"rendered":"Signature Bank closure not related to crypto, says NY regulator"},"content":{"rendered":"\n

New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency. According to a spokesperson, the decision to close the bank was made based on its current status and its ability to conduct business safely. The spokesperson also said that the decision had nothing to do with crypto and that NYDFS has been regulating the sector in a well-regulated manner for several years. The comments contradict claims by former US Representative Barney Frank, a member of Signature Bank’s board, who said that the closure was an attempt by regulators to send an anti-crypto message.<\/p>\n\n\n\n

Crisis of confidence in bank’s leadership<\/h2>\n\n\n\n

NYDFS stated that the closure was a result of a \u201csignificant crisis of confidence in the bank\u2019s leadership\u201d following the weekend closure of Silicon Valley Bank. Although the FDIC and Signature Bank have yet to comment, Frank expressed surprise at NYDFS\u2019s comments, saying that he believed cryptocurrency was a factor in the bank\u2019s closure. He also said that executives were providing data to regulators and that the bank was set to receive capital from the discount window.<\/p>\n\n\n\n

Signature Bank was a commercial bank with private client offices and a range of activities, including commercial real estate and digital asset banking. Almost a quarter of its deposits as of September 2022 came from cryptocurrency, although it announced in December that it would shrink its crypto-related deposits by $8 billion.<\/p>\n\n\n\n

The FDIC established a “bridge” successor bank to Signature Bank to enable depositors to access their funds, and the US Treasury and other regulators announced that no losses would be borne by taxpayers and that depositors at both Signature Bank and Silicon Valley Bank would be made whole.<\/p>\n\n\n\n

Also Read: Barney Frank: Regulators Targeted Signature Bank to Send Anti-Crypto Message<\/a><\/p>\n\n\n\n

The closure of Silicon Valley Bank is also an important factor in the situation, as it led to a \u201ccrisis of confidence\u201d in Signature Bank\u2019s leadership. While Signature Bank\u2019s executives were reportedly working to provide data to regulators and expected to receive capital, the bank\u2019s failure to provide reliable and consistent data over the weekend led to the FDIC\u2019s decision to close it.<\/p>\n\n\n\n

Signature Bank was a traditional commercial bank with diverse activities, including a focus on digital asset banking. Although a significant proportion of its deposits came from the crypto sector, it had already announced plans to reduce its exposure to the sector. The establishment of a \u201cbridge\u201d successor bank will enable depositors to access their funds, while regulators have ensured that no losses will be borne by taxpayers.<\/p>\n","protected":false},"excerpt":{"rendered":"

New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency. According to a spokesperson, the decision to close the bank was made based on its current status and its ability to conduct business safely. The spokesperson also said that the decision had nothing to do with […]<\/p>\n","protected":false},"author":6,"featured_media":1645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-1668","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news"},"acf":[],"yoast_head":"\nSignature Bank closure not related to crypto, says NY regulator<\/title>\n<meta name=\"description\" content=\"New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Signature Bank closure not related to crypto, says NY regulator\" \/>\n<meta property=\"og:description\" content=\"New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-14T17:40:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-14T17:40:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adam L\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam L\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/\"},\"author\":{\"name\":\"Adam L\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\"},\"headline\":\"Signature Bank closure not related to crypto, says NY regulator\",\"datePublished\":\"2023-03-14T17:40:07+00:00\",\"dateModified\":\"2023-03-14T17:40:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/\"},\"wordCount\":444,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg\",\"articleSection\":[\"General News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/\",\"name\":\"Signature Bank closure not related to crypto, says NY regulator\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg\",\"datePublished\":\"2023-03-14T17:40:07+00:00\",\"dateModified\":\"2023-03-14T17:40:10+00:00\",\"description\":\"New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency\",\"breadcrumb\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg\",\"width\":800,\"height\":533,\"caption\":\"signature-bank\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.cryptometer.io\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Signature Bank closure not related to crypto, says NY regulator\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"name\":\"CryptoMeter.io\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"alternateName\":\"CryptoMeter.io\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\",\"name\":\"CryptoMeter.io\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"width\":512,\"height\":512,\"caption\":\"CryptoMeter.io\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/CryptoMeterIO\"],\"publishingPrinciples\":\"https:\/\/www.cryptometer.io\/news\/about-us\/\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\",\"name\":\"Adam L\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png\",\"caption\":\"Adam L\"},\"description\":\"In the world of blockchain and cryptocurrencies, I have a great deal of passion and interest. My interest in blockchain and cryptocurrencies has led me to explore these technologies in greater depth, as I am interested in the potential implications they could have on the global economy.\",\"url\":\"https:\/\/www.cryptometer.io\/news\/author\/adam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Signature Bank closure not related to crypto, says NY regulator","description":"New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/","og_locale":"en_US","og_type":"article","og_title":"Signature Bank closure not related to crypto, says NY regulator","og_description":"New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency","og_url":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/","og_site_name":"CryptoMeter.io","article_published_time":"2023-03-14T17:40:07+00:00","article_modified_time":"2023-03-14T17:40:10+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg","type":"image\/jpeg"}],"author":"Adam L","twitter_card":"summary_large_image","twitter_creator":"@CryptoMeterIO","twitter_site":"@CryptoMeterIO","twitter_misc":{"Written by":"Adam L","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#article","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/"},"author":{"name":"Adam L","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9"},"headline":"Signature Bank closure not related to crypto, says NY regulator","datePublished":"2023-03-14T17:40:07+00:00","dateModified":"2023-03-14T17:40:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/"},"wordCount":444,"publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg","articleSection":["General News"],"inLanguage":"en-US","copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/","url":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/","name":"Signature Bank closure not related to crypto, says NY regulator","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg","datePublished":"2023-03-14T17:40:07+00:00","dateModified":"2023-03-14T17:40:10+00:00","description":"New York\u2019s Department of Financial Services (NYDFS) denied that it closed Signature Bank due to its involvement in cryptocurrency","breadcrumb":{"@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#primaryimage","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg","width":800,"height":533,"caption":"signature-bank"},{"@type":"BreadcrumbList","@id":"https:\/\/www.cryptometer.io\/news\/signature-bank-closure-not-related-to-crypto-says-ny-regulator\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cryptometer.io\/news\/"},{"@type":"ListItem","position":2,"name":"Signature Bank closure not related to crypto, says NY regulator"}]},{"@type":"WebSite","@id":"https:\/\/www.cryptometer.io\/news\/#website","url":"https:\/\/www.cryptometer.io\/news\/","name":"CryptoMeter.io","description":"","publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"alternateName":"CryptoMeter.io","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.cryptometer.io\/news\/#organization","name":"CryptoMeter.io","url":"https:\/\/www.cryptometer.io\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","width":512,"height":512,"caption":"CryptoMeter.io"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/CryptoMeterIO"],"publishingPrinciples":"https:\/\/www.cryptometer.io\/news\/about-us\/"},{"@type":"Person","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9","name":"Adam L","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/cropped-3-96x96.png","caption":"Adam L"},"description":"In the world of blockchain and cryptocurrencies, I have a great deal of passion and interest. My interest in blockchain and cryptocurrencies has led me to explore these technologies in greater depth, as I am interested in the potential implications they could have on the global economy.","url":"https:\/\/www.cryptometer.io\/news\/author\/adam\/"}]}},"jetpack_featured_media_url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/03\/signature-bank.jpg","_links":{"self":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/1668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/comments?post=1668"}],"version-history":[{"count":2,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/1668\/revisions"}],"predecessor-version":[{"id":1671,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/1668\/revisions\/1671"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media\/1645"}],"wp:attachment":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media?parent=1668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/categories?post=1668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/tags?post=1668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}