On March 12 local time, the United States Department of Finance, the Federal Reserve and the Federal Reserve Insurance Corporation of the United States issued a joint statement announcing that the United States Signature Bank was closed by the New York State Financial Services Bureau on the same day because of "systemic risk". This is the second American bank to be closed within three days after the Silicon Valley Bank.
Signature Bank of the United States is one of the major banks operating cryptocurrency business, headquartered in New York, with a total of 40 branches in the United States. As of December 31, 2022, the total assets of the signing bank were $110.4 billion, and the deposits exceeded $80 billion.
