16 days ago 1 min read

Buyers Of SVB And Signature Bank Must Stop Using Cryptocurrency Services

svb-signature bank-fdic

The SVB and Signature Bank bid deadline has been set by the FDIC on March 17. Buyers must discontinue any cryptocurrency-related business.

Financial institutions interested in purchasing Silicon Valley Bank and Signature Bank before they go out of business have until Friday, March 17, according to FDIC officials.

Selling Silicon Valley Bank and Signature Bank completely is the aim. Consider selling some of the shares of the two banks if you can't sell it all.

To provide donors an advantage over private equity firms, only bidders with active bank charters are permitted to review banks' financials before submitting their offers.

According to rumors, the buyer of Signature Bank will have to consent to giving up all of the bank's cryptocurrency operations.

Regulators have highlighted that Signature Bank's closure is due to a crisis of confidence in its management, not connection with cryptocurrency startups, despite the bank's reputation as one of two crypto-friendly banks. Its leadership nevertheless views it as a campaign to stop banks from working with cryptocurrency service providers.

Silicon Valley Bank, Signature Bank, and Piper Sandler, the company in charge of the auction, all promptly reacted to demands for comment, but the FDIC declined to speak on its behalf.

After authorities took over Silicon Valley Bank (SVB) on Friday and Signature Bank (SBNY.O) on Sunday, in a turbulent weekend that rippled throughout the whole global financial system, the latest auctions demonstrate how the FDIC is working in tandem to return lenders to the private sector.

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