Crypto-friendly Signature Bank closed by regulators, following collapse of Silicon Valley Bank, Silvergate

Government agencies shut down Signature Bank SBNY,
-22.87%
Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008 financial crisis, according to a joint statement from the Treasury Department, Federal Reserve and FDIC. All Signature Bank depositors are being sanitized, according to the statement. New York-based Signature Bank is popular among crypto companies, especially after crypto-friendly Silvergate Bank SI,
-11.27%
said Wednesday it would close its operations. Signature Bank provides deposit services for its clients’ digital assets, but does not invest in, trade, maintain its own balance sheet or provide custody of digital assets, and does not lend against or make loans backed by such assets, it said company.