The FDIC requires Sign Bank crypto customers to liquidate deposits by April 5.

(Reuters)

[Financial Channel/Comprehensive Report] The U.S. Federal Deposit Insurance Corporation (FDIC) has notified the cryptocurrency customers of Signature Bank (Signature Bank) that they must close their accounts and move their funds out before April 5, because these deposits do not belong to Signature Bank. Recently, it entered into an acquisition agreement with New York Community Bank (NYCB)'s Flagstar Bank (Flagstar Bank).

The FDIC emphasized that Flagstar’s takeover bid does not include about $4 billion in deposits in Flagship’s cryptocurrency business.

However, if the depositor does not transfer the deposit, the FDIC will mail the check to the registered address.

Please read on...

Flagstar Bank reached an agreement with the U.S. regulator on March 19 to acquire all the deposit business and some loans of Mark Bank, as well as 40 branches of Mark Bank.

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