cryptocurrency customers

According to reports, US Senator Elizabeth Warren attributed the failure of Signature Bank to its acceptance of cryptocurrency customers without adequate safeguards. Warren emphasized that “Congress and the public must learn from the failure of Signature Bank.”. US Senator: The failure of Signature Bank is due to the acceptance of encrypted customers without adequate safeguards Analysis based on this information:US Senator Elizabeth Warren recently attributed the failure of Signature Bank to its acceptance of cryptocurrency customers without adequate safeguards. The senator’s statement emphasizes that the need for Congress and the public to learn from the bank’s failure. Signature Bank, which targets private clients and corporate customers, recently suffered major losses after accepting large cryptocurrency deposits without taking adequate precautions to protect against fraudulent activity. The bank’s poor decision-making and lack of adequate safeguards have led to it experiencing a loss of over $30 million in the third quarter of 2021. The bank’s failure has drawn attention from regulators and lawmakers,…

According to reports, according to people familiar with the matter, U.S. prosecutors had been investigating the bank’s cooperation with cryptocurrency customers before regulators suddenly took over Signature Bank over the weekend. People familiar with the matter said that investigators from the Department of Justice in Washington and Manhattan are investigating whether the New York bank has taken sufficient measures to detect potential money laundering by customers, such as carefully examining the person who opened the account and monitoring transactions for signs of crime. Two people, who declined to be named, said the Securities and Exchange Commission was also investigating the matter. The head of the US SEC said at the time that if violations of federal securities laws were found, they would investigate and take enforcement action. (Bloomberg) Insider: US prosecutors have been investigating the cooperation between Signature Bank and cryptocurrency customers Analysis based on this information:According to recent reports, the US Department of Justice in Washington and Manhattan have…