The decision to close down Signature Bank had “nothing to do with crypto,” said the New York State Department of Financial Services, the regulator that took possession of the troubled bank on Sunday. The financial watchdog insisted that its decision to put Signature Bank in receivership “was based on the current status of the bank and its ability to do business in a safe and sound manner.
Former U.S. Representative Barney Frank, who was involved in the drafting of the Dodd-Frank Act and had been a member of Signature Bank’s board since 2015, believes that the regulator’s move was related to cryptocurrency. He told CNBC Monday:“We became the poster boy because there was no insolvency based on the fundamentals,” he opined.
Responding to claims that the closure of Signature Bank was crypto-related, a spokesperson for the New York State Department of Financial Services told Fortune: The NYDFS spokesperson further shared that withdrawal requests ballooned over the weekend but Signature Bank failed to provide reliable and consistent data.
evanhar92501491 That's great news to hear! It's always important for regulators to make sure banks are running smoothly. Let us continue our amazing journey in the world of cryptocurrency without any obstacles like bank failures. Exciting times ahead with DFS paving the way forward!
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Good to know that the decision was not related to cryptocurrency, as it could have caused further disruption in the market.
Hey guys, just letting you know, Chase bank as of this evening is not allowing withdraws of cash from ATM's, nor will they allow the purchase of Crypto using a Chase account
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