The New York Department of Financial Services (NYDFS) has shut down Signature Bank because it “failed to provide consistent and reliable information” and not because of its bias against crypto, following a March 14 news report from International. Business The Times noted that Signature Bank board member Barney Frank accused regulators of shutting down the bank just to slaughter cryptocurrencies.
An NYDFS spokesman said the order was closed. Instead, it was a “crisis of confidence in the leadership of the bank,” with regulators seeing massive withdrawals from banks over the weekend. and when trying to obtain information from the bank’s leadership Instead, they failed to give. “Reliable and consistent information”
New York Banking Law Section 606allow NYDFS can take over banks for a number of reasons. Including if the bank “Refusing to submit records and affairs for review to departmental investigators” or being in a precarious state of business transactions.”
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