Silicon Valley Bank for Sale with Crypto Business Restrictions.
TL;DR Summary
Signature Bank, which was recently shuttered by state regulators, is reportedly up for sale, but any potential buyer must agree to give up all crypto business. The New York-based bank's closure came amid investigations by the DOJ and SEC for potentially lax monitoring that may have enabled money laundering. The bank's crypto clients accounted for a quarter of its deposits. The closure of Signature Bank and other crypto-friendly banks has led some in the industry to speculate about a coordinated effort by regulators to choke off the crypto industry from the banking system.
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