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US Federal Deposit Insurance Corporation (FDIC) denied a report that it was forcing future Signature buyers to abandon the bank's entire cryptocurrency business.
The FDIC previously reported the conditionReuters agency citing its own sources. The article also stated that the FDIC is seeking to sell Silicon Valley Bank (SVB) and Signature entirely. However, if unsuccessful, the corporation may consider selling in installments.
The FDIC representative mentioned two jointstatements, one of which said banks were “not prohibited” from providing services to any sector. According to an agency representative, the buyer will tell the FDIC what assets and liabilities of the failed bank it is willing to take.
March 2023 has become a difficult month for banks operating in the crypto industry. Silvergate, Signature and Silicon Valley announced they would cease operations.
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