Like Silicon Valley Bank, the firm's depositors will be made whole, officials say.
, the New York Department of Financial Services, one of Signature's regulators, said it remained in contact with the other entities it oversees, "in light of market events.
"The collapse of Signature Bank, once known as one of the most crypto-friendly institutions on Wall Street, comes after the failure of crypto bank Silvergate last week.its exposure to the crypto industry and offload billions of dollars worth of deposits tied to the crypto sector.
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