Signature Bank bankruptcy: the term that customers will have to withdraw their funds

Signature Bank bankruptcy: the term that customers will have to withdraw their funds

The bank related to cryptocurrencies was intervened by the Federal Deposit Insurance Corporation of the United States.

He SignatureBanklinked to the world of cryptocurrencies, closed after Silicon Valley Bank crash. customers of crypto assets from said bank will have deadline until April 5 to transfer your deposits to other entities.

The United States Federal Deposit Insurance Corporation (FDIC) was named judicial administrator of the bankbefore its assets were acquired by the New York Community Bancorp (NYCB) and after the closure of the bank by US banking regulators.

Deadline to transfer deposits

The FDIC is contacting those customers of Signature Bank whose deposits were not included in the offer of Flagstar Banka 100% owned subsidiary of New York Community Bancorp (NYCB)which took over much of the failed bank’s assets.

At the time of closing, the US Treasury Department reported that depositors of the New York bank, closed this Sunday by the financial regulator of the state of New York, would be reimbursed so there would be no loss for the taxpayer.

Within this framework, depositors whose accounts are closed after April 5 will receive a check to the address they have registered with the entity. It is for this reason that the FDIC is recommending to clients that if they have funds in Signature but cannot withdraw them, that they at least make sure that their information is up to date.

NYCB it acquired most of the deposits and loans held by the fallen bank. But the deal with the FDIC did not include the “approximately $4 billion of deposits related to Signature Bank’s former digital banking business.”

in the deal was not included either the Signet payment platformwhich works with blockchain technology to facilitate real-time payments without commissions or transaction limits.

Source: Ambito

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