After the failure of three U.S. banks (with varying degrees of crypto exposure) in the space of a week last month, the sector seems to have settled back into relative calm, at least for the time being. So it would seem like the perfect opportunity for a recap.
Signature Bank has become the latest casualty of the current US banking crisis, having been closed down by regulators on Sunday to prevent a risk of instability spreading to the wider financial system.
In support of its emergency action to freeze Binance.US’s assets, the SEC filed additional details showing that the company had moved $70 billion through Silvergate and Signature banks from 2019 to 2023.
In support of its emergency action to freeze Binance.US’s assets, the SEC filed additional details showing that the company had moved $70 billion through Silvergate and Signature banks from 2019 to 2023.
After the failure of three U.S. banks (with varying degrees of crypto exposure) in the space of a week last month, the sector seems to have settled back into relative calm, at least for the time being. So it would seem like the perfect opportunity for a recap.
Signature Bank has become the latest casualty of the current US banking crisis, having been closed down by regulators on Sunday to prevent a risk of instability spreading to the wider financial system.
Following our report on the beleaguered US crypto banking sector, former banking partner of choice for many major crypto exchanges, Silvergate Bank, has announced that it will enter voluntary liquidation and wind down operations.
Of the two biggest US crypto banks prior to last November’s meltdown at FTX, Silvergate is reportedly now negotiating a route with the FDIC to avoid imminent closure, while rival Signature has made moves to significantly cut back on its crypto exposure. What exactly has gone wrong?
