2 years ago
A apical New York regulator has stated that Signature Bank’s closure was unrelated to cryptocurrency, according to a study from The Wall Street Journal connected April 5.
Adrienne A. Harris, Superintendent for the New York Department of Financial Services (NYDFS), alternatively attributed the bank’s closure to a “new-fashioned slope run.” Harris explicitly denied immoderate transportation to the bank’s crypto-related activities, stating:
“The thought that the taking possession of Signature was astir crypto and this is ‘Choke Point 2.0’ is truly ludicrous.”
Harris made those statements astatine the ongoing Links NYC conference.
Other members of NYDFS likewise denied that Signature’s closure was crypto-related in March erstwhile a spokesperson said the incidental had “nothing to bash with crypto.”
Rumors that the bank’s crypto ties were its halfway contented were stoked by erstwhile U.S. Representative Barney Frank, who served arsenic 1 of Signature’s committee members.
Several crypto companies and exchanges, including Coinbase, Kraken, and Binance, relied upon Signature Bank and its Signet web astatine times.
Signature Bank was initially closed connected March 12.
The station Signature Bank closure was not astir crypto, NYDFS reaffirms appeared archetypal connected CryptoSlate.
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