Facebook Twitter Instagram
    Crypto AcademyCrypto Academy
    • Home
    • News
    • Price Predictions
    • Price Analysis
    • NFTs
    • Learn
    • Press Releases
    • Coins
      • Bitcoin
      • Ethereum
      • Cardano
      • Safemoon
      • Dogecoin
    • Advertise on Crypto Academy
    Facebook Twitter Instagram Telegram
    Crypto AcademyCrypto Academy
    Home»News»Coinbase Pauses Support For Signature Bank’s Signet
    News

    Coinbase Pauses Support For Signature Bank’s Signet

    Rea K.By Rea K.March 20, 2023Updated:March 20, 20232 Mins Read
    Coinbase Pauses Support For Signature Bank’s Signet
    Share
    Facebook Twitter LinkedIn Email Reddit Telegram WhatsApp

    The crypto-friendly Signature Bank was shut down by New York regulators more than a week ago, and Coinbase has apparently ceased supporting the institution’s Signet payment system.

    The Wall Street Journal reported on March 20 that until further notice, Coinbase customers won’t be able to send money via Signet outside of banking hours. According to reports, the cryptocurrency exchange was seeking another payment network supplier while awaiting the resolution of the issue with Signature.

    After the demise of Silicon Valley Bank on March 10 and Silvergate Bank on March 8, the crypto-friendly bank was the third domino to fall. Financial authorities said that their intervention was to “defend the U.S. economy by enhancing public trust in our banking system.” Yet, sources show that Signature had no solvency difficulties on March 12 when it was shut down.

    With the exception of almost $4 billion in cryptocurrency deposits, the bank’s deposits and loans will be sold to New York Community Bancorp’s Flagstar Bank, according to a statement from the U.S. Federal Deposit Insurance Corporation. The government-run company declared its intention to give cryptocurrency deposits “straight to clients” who have online banking accounts.

    Today, we entered into an agreement with a subsidiary of New York Community Bancorp, Inc., to purchase and assume deposits and assets out of Signature Bridge Bank. Read more ➡️ https://t.co/bSshY93lBh. pic.twitter.com/b9RBvYtGF7

    — FDIC (@FDICgov) March 19, 2023

    Coinbase, Celsius, and Paxos all held money connected to Signature at the time of the bank’s collapse. Coinbase predicted that its business assets worth $240 million will be “completely recovered.” Paxos acknowledged having $250 million in bank accounts, while Celsius disclosed some exposure but not a precise figure.

    On March 29, the United States House Financial Services Committee will hold an inquiry to examine Silicon Valley Bank and Signature Bank’s problems. Martin Gruenberg, chair of the FDIC, and Michael Barr, vice chair for supervision of the Fed, are anticipated to speak.

    Previous ArticleSignature Bank Deposits Sold to Flagstar by FDIC
    Next Article FTX Debtors Sued FTX Digital Markets

    Related Posts

    SBF Complains of Late Evidence Discovery That Supposedly Harms His Defense

    Binance US Delists 101 Trading Pairs Following SEC Freezing Order

    UK Adviser Calls for Regulation as AI Could Threaten Humanity in 2 Years

    Facebook Twitter Instagram Telegram RSS
    • Home
    • Advertise on Crypto Academy
    • Terms and Conditions
    • Privacy Policy
    © 2023 Crypto-Academy.org. All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version