Signature Bank is up for sale after being shut down by regulators on Sunday. Signature, a significant supporter of cryptocurrency businesses, is reportedly asking prospective buyers to give up all crypto business if they want to acquire the bank.
In the same week we also witnessed the closure of Silicon Valley Bank (SVB) and California-based bank, Silvergate Bank. The one thing all three banks had in common was they were known as being crypto friendly banks
Many in the crypto industry including Brian Brooks former Binance.US have speculated that the regulators are trying to choke out the crypto industry from the banking sector
The move to cut crypto out of Signature bank in the future is aimed at preventing money laundering and other illicit activities, as the bank has faced increased regulatory scrutiny over its cryptocurrency dealings. Signature Bank has previously provided banking services to stablecoin issuer Tether.
Bids to acquire Signature Bank are due by Friday, March 17