Last major pro-crypto bank seized this weekend by NY regulators

Bitcoin Talk and Cryptocurrencies Cryptocurrency In the News
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Along with SVB, Signature Bank also collapsed this weekend. It’s the third-largest bank collapse in US history, having $110 billion in assets at the end of last year.

Not because of a bank run. But because NY regulators decided to do so, stating bank hierarchy was not providing reliable data to the regulator.

The regulator said the move had nothing to do with crypto, telling Decrypt in an email that “the decisions made over the weekend were not crypto related” and that it the body “has been facilitating well-regulated crypto activities for several years, and is a national model for regulating the space.”

Industry insiders don’t believe it.

I don’t believe it either. It’s a clear signal that NY and US regulators are anti-crypto, anti crpto businesses, and are hoping to push crypto innovation overseas.

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Now there’s talk of a looming criminal investigation of the bank before the closure.

There’s not much to the claim, other than stating that the DOJ and SEC were looking at whether “the bank took enough measures to detect possible money laundering schemes orchestrated by clients.”

Sounds more like a regulation issue than criminal behavior. We’ll have to wait and see if this was just a ploy to kill another integral business to the crypto market or whether actual indictments become public.

Smells fishy.