regulatory closure

On March 13, the official Twitter of Coinbase announced that it would resume the USDC conversion on Monday. Due to the regulatory closure of Signature Bank, Coinbase is currently facilitating cash transactions between all customers and other banking partners. Coinbase: cash balance at Signature Bank is 240 million US dollars Analysis based on this information:On March 13, 2021, Coinbase, the leading US cryptocurrency exchange, announced on its official Twitter account that it would resume the conversion of USD Coin (USDC) to US dollars on Monday. This announcement comes after Coinbase had to suspend the USDC conversion feature due to regulatory closure of Signature Bank. Signature Bank, a New York-based financial institution, is one of Coinbase’s banking partners that processes cash transactions for its customers. However, on March 11, 2021, the New York State Department of Financial Services (DFS) ordered Signature Bank to cease and desist its dealings with a particular entity believed to be involved in money-laundering activities involving cryptocurrency…