• 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

2 months ago
in Crypto Updates
Reading Time: 3 mins read
Flagstar Acquires Signature Bank—Except for its Crypto Business
6
VIEWS
Share on Facebook

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

Tags: AcquiresBankExceptBusinessCryptoFlagstarSignature

Related Posts

Bitcoin Price (BTC) Falls to $26K; Is $24K Next?
Crypto Updates

Bitcoin Price (BTC) Falls to $26K; Is $24K Next?

27 May 2023
Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?
Crypto Price Analysis

Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

26 May 2023
Dip Buying Sentiment Slides as Bitcoin Drops to Long-Term Support
Crypto Updates

Dip Buying Sentiment Slides as Bitcoin Drops to Long-Term Support

26 May 2023
Introducing The Rolling-Block Method: A New Way To Forecast Bitcoin Mining Difficulty
Bitcoin

Introducing The Rolling-Block Method: A New Way To Forecast Bitcoin Mining Difficulty

25 May 2023
Do Kwon’s Bail Revoked; Terra Execs to Stay in Jail in Montenegro: Bloomberg
Crypto Updates

Do Kwon’s Bail Revoked; Terra Execs to Stay in Jail in Montenegro: Bloomberg

25 May 2023
Court Dismisses $8M Pig Butchering Lawsuit Against Binance
Crypto Updates

Court Dismisses $8M Pig Butchering Lawsuit Against Binance

23 May 2023


  • Trending
  • Comments
  • Latest
LUNC Burn Tax Set To Rise To 0.5% As KuCoin Proposal Receives Approval

LUNC Burn Tax Set To Rise To 0.5% As KuCoin Proposal Receives Approval

20 May 2023
Wombat Web 3 Gaming Platform (WOMBAT) Price Prediction 2023 2024 2025 2026

Wombat Web 3 Gaming Platform (WOMBAT) Price Prediction 2023 2024 2025 2026

25 May 2023
When Bitcoin Meets Artificial Intelligence: Woke Madness Or Awakened Sanity?

When Bitcoin Meets Artificial Intelligence: Woke Madness Or Awakened Sanity?

24 May 2023
Amazon Is Testing Digital Euro Prototypes

Amazon Is Testing Digital Euro Prototypes

17 September 2022
Do Kwon’s Bail Revoked; Terra Execs to Stay in Jail in Montenegro: Bloomberg

Do Kwon’s Bail Revoked; Terra Execs to Stay in Jail in Montenegro: Bloomberg

25 May 2023
How Bitcoin Can Preserve The Life Savings Of Refugees

How Bitcoin Can Preserve The Life Savings Of Refugees

28 May 2023
Kava (KAVA) Price Rallies 10% In 7 Days

Kava (KAVA) Price Rallies 10% In 7 Days

28 May 2023
How I Preserve My Wealth With Bitcoin

How I Preserve My Wealth With Bitcoin

27 May 2023
Bitcoin Price (BTC) Falls to $26K; Is $24K Next?

Bitcoin Price (BTC) Falls to $26K; Is $24K Next?

27 May 2023
Lido Community Weighing On-Chain Vote to Deploy Version 2 on Ethereum

Lido Community Weighing On-Chain Vote to Deploy Version 2 on Ethereum

27 May 2023

  • 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 vendors Read more about these purposes
Preferences
{title} {title} {title}