New York Department of Financial Services: Takeover of Signature is unrelated to its cryptocurrency business
ChainCatcher news, according to The Block, a spokesperson for the New York Department of Financial Services (NYDFS) stated that the decision to take over Signature Bank on Sunday was unrelated to the bank's cryptocurrency business.
Former U.S. Congressman Barney Frank previously criticized the regulators' decision, claiming they "want to convey a harmful message about cryptocurrency." A spokesperson for NYDFS said in a statement that the decision to take over the bank and transfer it to the FDIC was based on the bank's current condition and its ability to operate in a safe and sound manner. The spokesperson mentioned that they are working with Signature Bank's executives to assess its financial condition, its ability to meet withdrawal requests, and whether it can continue normal operations. (source link)