Crypto Clients Of Signature Are Urged To Close Their Accounts By April 5, 2023

We are going to liquidate cryptocurrency deposits that are not transferred to another bank by April 5, and we will send out a check to the client's address as a result.

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The federal regulators have reportedly given Signature Bank's cryptocurrency clients until April 5 to take out their money and find another bank, or else their accounts will be closed by the bank, according to reports.

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The United States Federal Deposit Insurance Corporation, according to Trade Algo, has said that on March 28, it has reached out to signature depositors whose deposits were not included in NYCB's bid to confirm that these deposits belong to digital asset clients. The spokesperson said that the agency is attempting to contact those depositors.

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If the depositor's account is closed, then they will receive a check to their registered address. Anyone whose funds are held at Signature but unable to withdraw them, then ensuring the registered address of the account holder isn't out of date would be a good idea.

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In search of confirmation, Cointelegraph sought to contact the FDIC for a clarification, but did not hear back by the time this article was published.

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The New York Community Bancorp (NYCB) acquired most of Signature Bank deposits and loans on March 19. They also acquired some digital banking assets from the former Signature Bank. However, the deal with the Federal Deposit Insurance Corporation (FDIC) did not include "approximately $4 billion in deposits related to the former Signature Bank's digital banking activities."