• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

Flagstar Acquires Signature Bank—Except for its Crypto Business

Crypto Newsmart by Crypto Newsmart
3 years ago
in Crypto Updates
Reading Time: 3 mins read
16
VIEWS
Share on Facebook
Flagstar Acquires Signature Bank—Except for its Crypto Business

Key Takeaways

  • The FDIC announced yesterday that New York Community Bancorp would purchase Signature Bank through its subsidiary, Flagstar.
  • However, Flagstar’s bid excludes Signature Bank’s crypto clients.
  • Signature Bank board member Barney Frank believes regulators shut down the institution to “send the message that crypto is toxic”.

Share this article

Flagstar is taking over Signature Bank’s operations, but crypto companies may no longer be able to use the institution, the FDIC implied in its press release yesterday.

Digital Banking Business Excluded

Signature Bank has found a new home.

The Federal Deposit Insurance Corporation (FDIC) announced yesterday that New York Community Bancorp had acquired crypto-friendly bank Signature Bank through its subsidiary, Flagstar Bank.

The FDIC indicated that all former branches of Signature Bank would operate as usual, during their normal business hours, from March 20 onwards. Existing Signature Bank customers were told to keep using their local branches until further notice.

However, the FDIC declared that “Flagstar Bank’s bid did not include approximately $4 billion of deposits related to the former Signature Bank’s digital banking business,” meaning that crypto companies are unlikely to be able to keep using the institution’s banking services. The regulator stated its intention to return the $4 billion of crypto deposits to the businesses themselves. 

The decision to exclude crypto companies is noteworthy. Former congressman and Signature Bank board member Barney Frank claimed last week that regulators had closed Signature Bank for political reasons and not fundamental ones. “I believe the regulators, especially the New York state regulators, wanted to send the message that crypto is toxic,” he said. Reuters later reported that bidders for the closed bank were forced by regulators to agree to give up on the bank’s crypto business—a claim which FDIC officials denied.

Prominent members of the crypto community believe that the U.S. government is currently attempting to cut off the industry from the banking sector—a strategy reminiscent of the Obama administration’s treatment of online poker. Last Wednesday House Majority Whip Tom Emmer (R-MN) sent a letter to the FDIC questioning whether regulators had been “weaponizing their authorities over the last several months to purge legal digital asset entities and opportunities from the United States.”

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source link

Related Posts

Kadena shuts down operations as token plunges 50%
Crypto Updates

Kadena shuts down operations as token plunges 50%

22 October 2025
Hyperliquid Crushes Competition with 46% of All Token Buybacks in 2025
Crypto Updates

Hyperliquid Crushes Competition with 46% of All Token Buybacks in 2025

19 October 2025
MIT-Educated Brothers Could Spend Decades in Prison for  Million Ethereum Scheme
Crypto Updates

MIT-Educated Brothers Could Spend Decades in Prison for $25 Million Ethereum Scheme

16 October 2025
Binance distributes 3M to affected users following market turmoil
Crypto Updates

Binance distributes $283M to affected users following market turmoil

13 October 2025
Bitcoin Drops to 0K as Open Interest Falls, Signaling Trader Caution
Crypto Updates

Bitcoin Drops to $120K as Open Interest Falls, Signaling Trader Caution

10 October 2025
Bitcoin Price Prediction: Saylor’s .9B Profit, Japan’s Pro-Crypto Shift, and a Technical Path to 0K
Crypto Updates

Bitcoin Price Prediction: Saylor’s $3.9B Profit, Japan’s Pro-Crypto Shift, and a Technical Path to $160K

7 October 2025

[convertful id="153816"]

by CurrencyRate.Today
  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Preferences
{title} {title} {title}