Signature Bank
Crypto Firms Report Funds Tied Up with Shuttered Signature Bank
Crypto firms including Coinbase, Paxos, and Celsius have reported funds tied up with Signature Bank, which was shut down by New York regulators due to concerns about systemic risk. While some firms expect to recover their funds in full, others have disclosed only that they had exposure to the bank. Other firms in the crypto industry have reassured customers that they had no exposure to Signature Bank.
Binance converts remaining $1 billion in Industry Recovery Initiative to native crypto amidst concerns around stablecoins
Binance co-founder and CEO, Changpeng Zhao, announced on March 13 that the exchange will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native crypto amid concerns surrounding stablecoins. This decision was made following the depegging of the USD Coin (USDC) stablecoin caused by the failure of three major crypto-friendly banks - Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank.
Okcoin Halts U.S. Dollar Deposits After Signature Bank Shutdown
Okcoin has paused its U.S. dollar wire and ACH deposits due to the regulatory intervention in Signature Bank, Okcoin’s primary partner for customer transactions in dollars. The suspension extends to over-the-counter services, credit card transactions, and trading USD-crypto trading pairs. However, all corporate and customer funds are safe, and USD withdrawal is not affected. The processing pace will be subject to bank operation. All crypto deposit and withdrawal functions remain intact, including those of U.S. dollar-pegged stablecoins.
Signature Bank Suffers $4.27 Billion Crypto Deposit Outflows
Signature bank has suffered its major outflows with around $4.27 billion triggered by the recent crypto market downturn.
Signature Bank Launches New Digital Payments Technology Platform—Signet
In a press release disclosed with Blockchain.news, New York-based Signature Bank announces that it is planning to launch Signet, its digital payments platform, on the Fireblocks network.