FDIC Denies Requiring Signature Bank Buyers to Divest Crypto Activities

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The Federal Deposit Insurance Corporation (FDIC) has denied reports that buyers of Signature Bank must give up all cryptocurrency business as part of the sale.

The FDIC regulators have asked interested banks to submit bids for failed US lenders Silicon Valley Bank and Signature Bank, but have stated that they would not require divestment of crypto activities as part of any sale.

Signature Bank is known for being crypto-friendly and servicing companies like Coinbase, Paxos Trust, BitGo, and Celsius. The New York State Department of Financial Services closed down Signature Bank on March 12, appointing the FDIC as the receiver.

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