Regulators close crypto-focused Signature Bank, citing systemic risk
Publishing timestamp: 2023-03-12 20:01:24
Summary
U.S. regulators have shut down Signature Bank, a major lender in the cryptocurrency industry, in an effort to prevent a banking crisis. Depositors will have full access to their deposits, but equity and bondholders will be wiped out. The move comes after the failure of Silicon Valley Bank, triggering a run on deposits. The Fed and Treasury have created an emergency program to backstop deposits at both banks.
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Keywords: svb financial group, breaking news: business, business news, breaking news: markets,
Source: https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html