Breaking: Crypto-friendly Signature Bank closed by New York authorities

While the crypto-market is still grappling with the collapse of the crypto-centric bank – Silvergate Bank, another bank has had its shop closed. In a statement released today by the Board of Governors of the Federal Reserve System, the New York authorities have closed Signature Bank, New York. The announcement read,

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”

The story is still developing.