Friday, March 29, 2024

Signature Bank closure

by Hideo Nakamura
Signature Bank closure

Signature Bank Closure

Signature Bank was a major commercial bank that served individuals, businesses, and institutions across the U.S. On April 17th 2020, Signature Bank announced its closure due to increasing financial difficulties during the COVID-19 pandemic.

The decision to close Signature Bank had a significant impact on cryptocurrency users who held digital assets with the bank or used their services for transactions. All Signature Bank accounts were closed as of April 28th 2020; any funds remaining in these accounts will be returned to customers once all liabilities have been settled with creditors. Additionally, cryptocurrencies stored at Signature Bank are not eligible for FDIC insurance protection since crypto is not recognized by US banking regulations as an official asset class yet.

Customers should note that if they were using Signature Banks’s services for cryptocurrency transfers and payments prior to their closure, those operations may no longer be available after the closure date since most banks do not currently offer such services due to regulatory uncertainty surrounding cryptocurrencies and blockchain technology in general. However, there are many alternative exchanges and payment providers available where customers can continue making crypto-related transactions safely and securely outside of traditional banking channels; some companies even specialize exclusively in providing these types of services specifically tailored towards digital asset holders’ needs.

For more information on finding secure alternatives for storing or transferring your cryptocurrency holdings online following the closure of Signature Bank please consult our help center article “Cryptocurrency Storage & Transfer Solutions”.

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