Signature Bank Closure Deals Another Blow to Crypto Industry

The closure of Signature Bank, a lender that counted a number of crypto companies as customers, marks another major setback for digital assets as the industry becomes ever more cut off from the banking system.

The Treasury Department said Signature Bank was closed by New York state regulators Sunday and that depositors will have access to their money Monday.

Coinbase Global Inc., the US’s biggest crypto exchange, said on Friday night that it had a $240 million balance at the bank.

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