Model and self-proclaimed “human barbie doll” Jessica Alves says her bank account has been terminated because she’s on OnlyFans. Alves says she received an account closure notice from Barclays in the mail and promptly went to a branch in London to figure out what happened, reports the Daily Mail. “I have banked with Barclays for […]
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Any crypto deposits not transferred to another bank by April 5 will be liquidated and a check mailed to the client's address.
Signature Bank’s cryptocurrency clients have been reportedly given until April 5 to take their funds out and find another bank, or have their accounts closed by the federal regulator.
According to reports, a United States Federal Deposit Insurance Corporation (FDIC) spokesperson said on March 28 that the agency was “reaching out to depositors from Signature whose deposits were not included in NYCB’s bid, confirming that these deposits belonged to digital asset clients.
Depositors who have their accounts closed will receive a check to their registered address, so anyone with funds held with Signature but unable to transfer them out should at least ensure their registered address is up-to-date.
Cointelegraph has reached out to the FDIC for confirmation but did not hear back by the time of publication.
While New York Community Bancorp (NYCB) bought most of the deposits and loans held by Signature Bank on March 19, the deal with the FDIC did not include “approximately $4 billion of deposits related to the former Signature Bank’s digital banking business.”
Related: Crypto-friendly banks mismanaged traditional risks, FDIC head tells Senate hearing
Also excluded from the deal was Signature’s payments platform Signet, which is powered by blockchain technology to facilitate real-time payments with no transaction fees or limits. The fate of Signet is still currently uncertain.
New York-based Signature was closed by New York regulators on March 12, amid concern that it was experiencing a bank run and posed a “systemic risk” to the U.S. economy.
Gruenberg: Signature Bank lost 20% of its deposits in a matter of hours on March 10, the day SVB was shut.
— Nick Timiraos (@NickTimiraos) March 27, 2023
Signature had a negative balance at the Fed at the close of business, and “bank management could not provide accurate data regarding the amount of the deficit.” pic.twitter.com/679dNnnrzJ
The FDIC was appointed as the receiver of the bank, which meant that it was tasked with administering the funds and property connected to it.
Banks interested in acquiring the assets of Signature were asked to submit bids to the FDIC by March 17, with the agency reportedly only considering bids from those with an existing bank charter.
Silicon Valley Bank was rated as one of the top banks in America for five years running prior to its closure by U.S. regulators in March 2023.
Silicon Valley Bank (SVB) has suffered a major fall from grace following half a decade of being rated as one of the best banks in America.
SVB and its parent company SVB Financial Group have been held in high esteem as a financial institution serving a variety of companies across industries, from technology and venture capital firms to private equity clients.
SVB has been included in Forbes’ annual list of the best banks in the U.S for five consecutive years, a point which its parent company had celebrated on Twitter not more than a few weeks prior to its closure under Federal Deposit Insurance Corporation (FDIC) control on March 10.
SVB deleted their twitter account @SVB_Financial
— Dr. Eli David (@DrEliDavid) March 12, 2023
This is what they posted just a few days ago: pic.twitter.com/Tc6EFZhJnn
SVB Financial has since deleted its Twitter account after it was ordered to shut its doors by the California Department of Financial Protection and Innovation.
The fallout had a direct and tumultuous effect on the wider cryptocurrency ecosystem, as stablecoin issuer Circle had $3.3 billion of USD Coin (USDC) reserves tied up in the bank. USDC depegged from its $1 mark as a result but has since clawed its way back to near-parity with its fiat-based peg.
Related: Biden vows to hold accountable those responsible for SVB, Signature collapse
Data from Forbes highlights SVB Financial’s stock price performance over the past five years. $SIVB hovered between highs of ~$325 and $136 between 2018 and the end of 2020. It then hit highs of ~$759 at the tail end of 2021 before a slow and steady decline alongside the wider cryptocurrency and conventional markets.
$SIVB’s share price has since dropped as low as $100 since the closure of SVB in March 2023.
William Quigley, co-founder of Tether, shared insights with Cointelegraph following SVB’s shuttering over the weekend. Quigley is also a former venture capitalist and has over 10 years experience as an auditor of failed banks.
According to Quigley, the U.S. Treasury department has been aware that SVB could not pay all of its depositors back since December 2022 based on federal call reports.
“The Treasury department continued to let SVB operate and take in more depositors cash even as SVB's fixed asset base continued to drop in value from interest rate hikes.”
Quigley also notes that SVB debt was rated AA by federally regulated statistical rating agency Moody's while the bank received a clean audit opinion three weeks ago from federally supervised and state licensed auditing firm KPMG.
Coinzo, one of Turkey’s largest cryptocurrency exchanges, is terminating its digital asset trading services. The platform said its website will remain online in the next six months to allow users to withdraw their holdings in cryptocurrency and Turkish fiat money. Another of Turkey’s Crypto Exchanges Closes Amid Ankara’s ‘War’ on Cryptocurrency Leading Turkish crypto exchange […]
A new regulatory overhaul could put 40 out of 60 exchanges out of business in South Korea after the firms are expected to fail to meet the conditions that are being proposed by the Financial Services Commission (FSC). This action might also affect holders of locally used “kimchi” coins, that won’t be able to trade […]