US Federal Deposit Insurance Corporation (FDIC)bankrupt credit institution Signature Bank’s to close their accounts and move their money to crypto customers by April 5 reported how long they have.
US Federal Deposit Insurance Corporation (FDIC) Tells Signature Bank’s Cryptocurrency Clients To Close Their Accounts By April 5th
The deposits in question were made earlier this month, a unit of New York Community Bancorp. Flagstar Bank was not part of the bailout agreement with
“Flagstar’s offer did not include approximately $4 billion in deposits related to Signature’s digital asset business,” an FDIC spokesperson said.
“These are the deposits we encourage our customers to move before April 5th. If they haven’t shipped it by then, we’ll mail the checks to their registered address.”
Flagstar signed an agreement with US regulators on March 19 to purchase deposits and loans from New York-based Signature Bank.
About $60 billion of Signature Bank’s loans and $4 billion of its deposits will remain with the trustee.
This move has raised concerns among some in the crypto community about the lack of reliable banking options for crypto businesses in the US.
Many banks are hesitant to work with crypto companies due to concerns about regulatory compliance and perceived risks to the industry.
In recent years, some crypto companies have turned to alternative banking solutions such as offshore accounts or partnerships with smaller banks or credit unions. However, these options can be costly and come with their own risks and challenges.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!