Popular Articles
Today Week Month Year

CLAIM: Signature Bank shut down and seized by feds to send warning message to crypto industry
By Arsenio Toledo // Mar 14, 2023

Federal regulators on Sunday, March 12, announced that they were intervening to shut down Signature Bank. The bank's director claims it was seized to send banks a message to stay away from cryptocurrencies.

This decision was made two days after Signature Bank customers, spooked by the overnight collapse of Silicon Valley Bank, withdrew more than $10 billion in deposits from the bank. The bank run quickly led to Signature Bank's collapse, making it the third-largest bank in the United States to collapse. At the end of 2022, the New York-based bank had 40 branches, assets of $110.36 billion and deposits of $88.59 billion. (Related: Latest bank to collapse is same one that closed Trump's accounts after Jan 6th.)

By comparison, Silicon Valley Bank had $209 billion in assets at the time of failure. The largest bank failure was Washington Mutual in 2008 with $307 billion in assets at the time of failure.

New York Gov. Kathy Hochul said the closure decision was made in collaboration with federal partners and the state's chartering authority to "stabilize the banking sector and protect the hard-earned money of New Yorkers whose livelihoods depend on impacted companies."

"I'm grateful that the federal regulators have taken steps to do just that, and I hope that these actions will provide increased confidence in the stability of our banking system," said Hochul. "Many depositors at these banks are small businesses, including those driving the innovation economy, and their success is key to New York's robust economy."

Signature Bank has nearly $18 billion in crypto-related deposits

In December 2022, Signature Bank had around $17.79 billion in cryptocurrency-related deposits. At the time, bank executives announced that they would shrink this massive crypto investment by about $8 billion to reduce risk in "a challenging cryptocurrency environment."

Human knowledge is under attack! Governments and powerful corporations are using censorship to wipe out humanity's knowledge base about nutrition, herbs, self-reliance, natural immunity, food production, preparedness and much more. We are preserving human knowledge using AI technology while building the infrastructure of human freedom. Speak freely without censorship at the new decentralized, blockchain-power Brighteon.io. Explore our free, downloadable generative AI tools at Brighteon.AI. Support our efforts to build the infrastructure of human freedom by shopping at HealthRangerStore.com, featuring lab-tested, certified organic, non-GMO foods and nutritional solutions.

Signature Bank, founded in 2001 to be a more business-friendly alternative to big banks, opened itself up to the crypto industry in 2018. Since then, it has helped turbocharge deposit growth. The bank even created a 24/7 payments network for cryptocurrency clients.

Barney Frank, a member of Signature Bank's board of directors and a Democrat from Massachusetts who served in the House of Representatives from 1981 to 2013, claims that state officials behind the action wanted to make an example out of Signature Bank to warn other banks and finance companies against participating in the crypto industry.

"I think part of what happened was that regulators wanted to send a very strong anti-crypto message," said Frank. "We became the poster boy because there was no insolvency based on the fundamentals."

"This was just a way to tell people, 'We don't want you dealing with crypto,'" added Frank. He noted how the bank's former executives were given no recourse and no warning by state and federal authorities. But he does expect some vindication when Signature is finally sold.

"I believe they're going to get a very good price," said Frank. "Proof that it was not a bank problem."

For her part, Hochul denied that Signature Bank's involvement in crypto was a factor in its shuttering. She said the bank run was intensifying, making the shut down necessary.

New York Financial Services Superintendent Adrienne Harris went further by saying Signature wasn't a crypto bank. "This is not about a particular sector in the case of Signature Bank, but we moved quickly to make sure depositors were protected."

Learn more about the collapse of Signature Bank and Silicon Valley Bank at DebtBomb.news.

Watch this clip from "Reality Rants" with Jason Bermas as he discusses how the collapse of Signature Bank and Silicon Valley Bank is just the beginning, and America is sitting on top of a $620 billion ticking time bomb.

This video is from the Red Voice Media channel on Brighteon.com.

More related stories:

Silicon Valley Bank crisis: The liquidity crunch we predicted has now begun.

The non-bailout BAILOUT commences – total system collapse temporarily averted with emergency liquidity flood.

Silicon Valley Bank collapse biggest since Great Recession as FDIC promises to cover ALL deposits, not just first $250K (UPDATED).

"WOKE" MARGIN CALL: John Perez and Mike Adams detail the risk of MORE bank collapses after "WOKE" SVB bites the dust, prioritizing TRANS awareness over RISK awareness.

Silicon Valley Bank has now collapsed, and 95% of deposits were uninsured.

Sources include:





Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Embed article link:
Reprinting this article:
Non-commercial use is permitted with credit to NewsTarget.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.

NewsTarget.com © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. NewsTarget.com is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. NewsTarget.com assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.