Signature Bank

According to reports, according to people familiar with the matter, the US regulatory authorities have begun to seek the acquisition intention from potential buyers of Signature Bank. One of the people who did not want to be named said that the Federal Deposit Insurance Corporation (FDIC) of the United States had opened a so-called data room, which enabled potential bidders to start due diligence on the bank. Previously, the federal regulatory agency brought the signature bank into bankruptcy administration a few days after the collapse of another encryption friendly bank, Silvergate Bank and Silicon Valley Bank. US regulators began to seek acquisition intentions from potential buyers of Signature Bank Analysis based on this information:Reports have surfaced indicating that US regulatory authorities have initiated the search for acquisition offers for Signature Bank. Insiders who spoke on condition of anonymity have revealed that the Federal Deposit Insurance Corporation (FDIC) has created a data room for potential bidders, enabling them to engage in…

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…

According to reports, according to sources, the Crypto Friendly Bank, Signature Bank, had lost about 20% of its deposits, or about $17.8 billion, before being taken over. (Bloomberg) Sources: Before the takeover of Signature Bank, it had lost about $17.8 billion of deposits, accounting for about 20% Analysis based on this information:Signature Bank, known as a crypto-friendly bank, has recently reported losing about 20% of its deposits before being taken over. The bank lost approximately $17.8 billion, according to sources. Although there is limited information on the cause of the decline, it raises concerns about the bank’s stability and future sustainability. Signature Bank has gained a reputation for its willingness to work with cryptocurrency-related companies, offering an array of services to crypto businesses. This move, however, hasn’t always been easy, with the bank facing criticism and regulatory scrutiny. Despite this, Signature Bank continued its support for the crypto industry, positioning itself as the “go-to” bank for cryptocurrency operators. The news…

According to reports, Marathon Digital, a Bitcoin miner, said that the company could use the $142 million cash deposit of Signature Bank. The company said in a statement that it could manage these funds and pay invoices in the normal course of business. Marathon also confirmed that the company has no direct business relationship with Silicon Valley Bank. Last week, Marathon said that he had repaid the term loan of Silvergate Bank and ended the credit arrangement with the bank. According to the previous news, the US federal banking regulator has promised to return all deposits of Silicon Valley Bank and Signature Bank customers. （The Block） Marathon Digital: $142 million of cash deposited in Signature Bank has been available Analysis based on this information:Marathon Digital, a prominent Bitcoin miner, has recently announced that it may utilize its $142 cash deposit from Signature Bank to pay for invoices in the normal course of business. The company expressed confidence in its ability…

On March 14, Argo Blockchain, a Bitcoin miner, said that one of its subsidiaries had cash deposits in Signature Bank, but these deposits were safe and usable. The company added that Argo and its subsidiaries had no exposure to Silicon Valley Bank or Silvergate. （Proactive Investors） Argo: One of its subsidiaries has cash deposit in Signature Bank, but the deposit is safe and available Analysis based on this information:Argo Blockchain, a popular Bitcoin miner firm, made an announcement on March 14 stating that one of its subsidiaries had cash deposits in Signature Bank. However, the company ensured that these deposits were safe and usable, giving some relief to its stakeholders. Furthermore, Argo Blockchain mentioned that neither Argo nor any of its subsidiaries had any exposure to Silicon Valley Bank or Silvergate. Argo Blockchain is a publicly traded company listed on the London Stock Exchange. It was established in 2017 and has since become one of the top Bitcoin mining companies…

On March 14, Billy Marcus, the co-founder of Dog Coin, slammed the modern financial market, saying that everything happened in the market was “crazy and stupid”, apparently referring to the recent collapse of banks such as Silicon Valley Bank. Marcus wrote in a tweet on Monday: “Please always remember that everything in the modern financial market is crazy and stupid.” At this uncertain moment, investors have seen the collapse of SVB Financial Group, the parent company of Silicon Valley Bank, and Signature Bank, the largest cryptocurrency bank in the United States. In order to protect depositors and avoid systemic collapse, the US regulators rescued the two banks. Elon Musk, CEO of Tesla and Twitter, responded: “That’s almost the case”, agreeing with Marcus. (Golden Ten) The founder of Dog Coin said that the bank incident in Silicon Valley was “extremely stupid”, and Musk agreed Analysis based on this information:Billy Marcus, the co-founder of Dog Coin, expressed his frustration with the modern…

On March 14, Xu Mingxing said on Twitter: “Due to the problem of Signature Bank, OKCoin has just suspended the ACH and wire transfer functions. All customers’ funds are safe, cash withdrawal is open at any time, and customers can withdraw at any time. OKX and OKCoin are independent exchanges, and the operation of OKX is not affected.” Xu Mingxing: OKCoin suspended ACH and telegraphic transfer functions due to the signature problem Analysis based on this information:On March 14, Xu Mingxing, the founder of OKCoin, announced on Twitter that OKCoin had temporarily suspended the ACH and wire transfer functions due to a problem with Signature Bank. He assured customers that their funds were safe and that they could withdraw their cash at any time. He also highlighted the independence of OKX, which was not affected by the suspension. This message seems to be a response to some kind of issue that has arisen with Signature Bank. We don’t have any…

On March 14, it was reported that Huobi had withdrawn all funds from Signature Bank and Silvergate Capital, while the funds of customers of the exchange were not affected. Huobi: All funds have been withdrawn from Signature Bank and Silvergate Capital Analysis based on this information:The recent news reports on Huobi indicate that the cryptocurrency exchange had withdrawn all funds from Signature Bank and Silvergate Capital on March 14. Interestingly, the withdrawal had not affected the funds of the exchange’s customers, which indicates that there must have been some internal reasons behind the decision. One possible interpretation of this move is that Huobi may have been dissatisfied with the services or fees charged by these banks. It is worth noting that both Signature Bank and Silvergate Capital are known for providing banking services for cryptocurrency firms, which suggests that Huobi may be looking for alternative banking partners that can better cater to its needs. Another possible explanation for the withdrawal…

It is reported that Signet, the real-time encrypted payment network of Signature Bank, still operates normally after the company is taken over. Bloomberg: Signature Bank’s real-time encrypted payment network Signet is currently operating normally Analysis based on this information:In a time where cyber attacks and data breaches have become more frequent, security and stability are crucial in the financial industry. That’s why the reported news that Signet, the real-time encrypted payment network of Signature Bank, still operates normally after the company takeover is significant. Signet is a proprietary payments platform that operates on a blockchain, enabling secure and instantaneous transactions between Signature Bank clients. The advantage of this system is that it eliminates third-party intermediaries and reduces the risk of fraud or hacking. In addition, the platform uses multi-factor authentication to authenticate transactions, adding an extra layer of security. The fact that Signet is still fully operational despite the company takeover affirms its robustness. Takeovers can sometimes disrupt operations, especially…

According to reports, the Celsius Network said on Twitter that it had submitted an update on the cash management system. Celsius believed that all requests for transferring funds from the Signature Bank would be met without any loss of funds. Celsius would also continue to strive to maximize the security of cash and cryptocurrency holdings, and would provide any other updates to the court and all stakeholders when necessary. Celsius will work with consultants to transfer funds from Signature Bank to other approved authorized custodians in accordance with the U.S. trustee’s guidelines. Celsius: transfer funds from Signature Bank to other approved authorized custodian Analysis based on this information:Celsius Network provided an update on its cash management system through a tweet, assuring its clients that they can expect their funds to be transferred from Signature Bank without any loss of funds. Celsius Network also emphasized its commitment to security, stating that efforts to maximize the security of both cash and cryptocurrency…

On March 14, Barney Frank, a member of the Board of Directors of the Crypto Friendly Bank Signature Bank and a former US congressman, said that the sudden announcement of the takeover of Signature by the US regulators on Sunday night shocked the executives of the bank, Signature executives have explored “all ways” to improve the status quo, including finding more capital and evaluating the interests of potential acquirers. He said that by Sunday, the outflow of deposits had slowed, and executives believed that they had stabilized the situation. On the contrary, the senior management of Signature has been immediately dismissed and the bank closed on Sunday. Frank believed that part of the reason for this was that regulators wanted to send very strong anti-encryption messages, and said that “the reason why we became a typical representative was that there was no insolvency in the fundamentals”. Member of the Board of Directors of Signature: the bank is not insolvent, is…

According to reports, Marathon Digital said that it could use the $142 million cash deposit held by Signature Bank, which was closed by state regulators on Sunday. These funds can be used for financial management purposes and all invoices can be paid in the normal course of business. Marathon also holds more than 11000 Bitcoins, which the company believes provides it with financial options beyond the traditional banking system. Marathon Digital: still holds more than 11000 Bitcoins Analysis based on this information:Marathon Digital, a company that mines Bitcoins and other cryptocurrencies, has stated that it plans to use a $142 million cash deposit held by Signature Bank, which was closed by state regulators on Sunday. The deposit was made by the company as security for a letter of credit, which in turn was required to cover potential losses due to fluctuations in Bitcoin prices. Marathon Digital has said that it intends to use the funds for financial management purposes and…

On March 13, Gemini, the cryptocurrency exchange, tweeted that Signature Bank had neither Gemini’s customer funds nor Gemini USD (GUSD) reserve funds. Gemini: No risk exposure to Signature Bank Analysis based on this information:Gemini, a popular cryptocurrency exchange, has become the talk of the town after it sent out a tweet on March 13. The tweet revealed that Signature Bank disclaimed having custody of both Gemini’s customer funds and reserve funds for Gemini USD (GUSD), the exchange’s stablecoin. The tweet, which has caused a stir in the cryptocurrency community, has prompted several questions about the safety of cryptocurrency exchanges and the credibility of banks. Gemini, founded by the Winklevoss twins, has been one of the most trusted and highly-regarded cryptocurrency exchanges since its inception in 2014. The exchange, which is fully licensed by the New York State Department of Financial Services, prides itself on providing a secure and compliant platform for users to trade cryptocurrencies. On the other hand, Signature…

It is reported that Valor, the trading product provider of the crypto trading platform, confirmed today that the company and all its operating subsidiaries had no risk exposure with Silvergate Bank, Signature Bank and Silicon Valley Bank. The company also confirmed that SEBA Bank AG, one of its strategic investors, had no risk exposure with Silvergate Bank, Silicon Valley Bank and USDC. （prnewswire） Valor: No risk exposure with Silvergate Bank, Signature Bank and Silicon Valley Bank Analysis based on this information:The recent statement made by Valor, the trading product provider of the crypto trading platform, confirmed that the company and its operating subsidiaries do not have any risk exposure with major banks including Silvergate Bank, Signature Bank, and Silicon Valley Bank. In addition, Valor also confirmed that SEBA Bank AG, one of its strategic investors, also had no risk exposure with Silvergate Bank, Silicon Valley Bank, and USDC. This announcement is of great significance to Valor, as it assures the…

On March 13, the official unsecured creditor committee (UCC) of Celsius tweeted: “Today, the US government announced the closure of Signature Bank, and part of the funds held by Celsius are in Signature Bank. According to the US government, all depositors will receive full compensation. Celsius and UCC are assessing the situation and will provide further updates.” Creditors of Celsius: Some funds of Celsius are deposited in Signature Bank Analysis based on this information:The recent announcement by the US government of the closure of Signature Bank has caught the attention of the official unsecured creditor committee (UCC) of Celsius, which tweeted on March 13, 2021, stating that some of the funds held by Celsius are in Signature Bank. This message has sparked different interpretations from members of the online community, as it implies that Celsius may have been impacted by the closure of Signature Bank, which raises concerns about the safety and security of funds for the company’s depositors. A…

It is reported that tZERO, a security-based token platform, tweeted that the operation of tZERO and its affiliated broker-dealers would not be affected by Signature Bank, and that tZERO and its affiliated broker-dealers would transfer all banking services to the member banks of the Federal Deposit Insurance Corporation (FDIC) of the United States. TZERO will update its operation to the customers and their stakeholders of tZERO’s affiliated broker-dealers according to the development of Signature Bank. After FDIC transferred all the deposits of Signature Bank to the continued operation of Signature Bridge Bank, tZERO still decided to transfer the deposits to FDIC member banks. The operation of tZERO and its affiliated broker-dealers will not be affected by Signature Bank, and the banking services will be transferred to FDIC member banks Analysis based on this information:tZERO, a security-based token platform, recently tweeted that its operations and those of its affiliated broker-dealers would not be affected by Signature Bank. Signature Bank is a…

It is reported that TrueUSD tweeted that the Signature Bank has been closed by the US regulators, so TrueCoin suspended the TUSD casting and redemption business for a small number of Signature Bank users. The coinage and redemption of other users in the TrueUSD banking network have not been affected. TrueUSD: part of USD funds are deposited in Signature Bank Analysis based on this information:TrueUSD, a stablecoin pegged to the US dollar, recently announced that it has suspended the TUSD casting and redemption business for a small number of Signature Bank users. The reason behind this move was the reported closure of Signature Bank by US regulators. This means that users associated with the affected bank will not be able to use TrueUSD at the moment. However, the coinage and redemption of other users in TrueUSD’s banking network remain unaffected by the regulatory closure. TrueUSD is one of the few cryptocurrencies that is not as volatile as others due to…

It is reported that Bitstamp, a crypto exchange, tweeted that despite the unfortunate bankruptcy of Signature Bank, our normal operation will not be affected. Bitstamp: normal operation will not be affected by the bankruptcy of Signature Bank Analysis based on this information:Bitstamp, one of the biggest crypto exchanges, recently tweeted that their operations will not be affected by the bankruptcy of Signature Bank. The decision of the banks’ bankruptcy was unfortunate, but Bitstamp continues to carry out its usual functions. This move by the crypto exchange indicates their commitment to their traders and users. Despite the uncertainty with Signature Bank, Bitstamp remains focused on providing quality services, reliable trading infrastructure, and competitive prices to its clients. The announcement by Bitstamp is an essential one for traders who use the platform. Given the potential impact of Signature Bank’s bankruptcy on Bitstamp, any delay in normal operations may cause traders to lose vast sums of money. Therefore, Bitstamp’s announcement is beneficial, highlighting…

It is reported that BCB Group, a London-based crypto financial services company, suspended a planned US dollar payment plan after the regulator closed Signature Bank earlier today. Cryptographic company BCB Group suspended the US dollar payment pilot plan due to the closure of Signature Bank Analysis based on this information:The news that BCB Group, a London-based crypto financial services company, has suspended its planned US dollar payment plan following the closure of Signature Bank has sent ripples across the crypto industry. The decision to halt the payment plan has raised concerns about regulatory actions in the crypto sector. BCB Group had previously announced plans to enable its clients to make US dollar payments using the Paxos stablecoin. The company had partnered with Signature Bank, which would have provided custody services for US dollar deposits, to offer the payment plan. However, the plan has been put on hold after Signature Bank was closed by the New York State Department of Financial…

On March 13, Tether Chief Technology Officer Paolo Ardoino tweeted that Tether had no exposure to Signature Bank. According to the previous news, Signature Bank was closed by New York State regulators on Sunday. The Federal Reserve, the FDIC and the US Treasury issued a joint statement saying that all savers who use Signature will be compensated. Tether CTO: Tether has no exposure to Signature Bank Analysis based on this information:Recently, Tether Chief Technology Officer Paolo Ardoino tweeted that Tether had no exposure to Signature Bank. Reports had emerged that the bank was closed by New York State regulators on Sunday. Ardoino’s tweet seems to imply that Tether has no reason to be concerned about the situation. However, the situation at Signature Bank is not without its silver lining. The Federal Reserve, FDIC, and US Treasury have issued a joint statement saying that all savers who use Signature Bank will be compensated. This move is likely to restore confidence among…