KEY POINTS
  • New York state regulators on Sunday shut down Signature Bank, a big lender in the crypto industry.
  • "All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer," the regulators said.

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A man entering Signature Bank in New York City on March 12, 2023.

New York state regulators on Sunday shut down Signature Bank, a big lender in the crypto industry, in a bid to prevent the spreading banking crisis.

"We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority," the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said in a joint statement Sunday evening.

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