Martin Gruenberg, the chair of the United States Federal Deposit Insurance Corporation, announced that the agency plans to return around $4 billion in deposits linked to Signature Bank’s digital asset banking business by early April. Speaking at a March 29 hearing of the U.S. House Financial Services Committee on federal regulators’ responses to recent bank failures, Gruenberg said that the deposits not included in the bid from a New York Community Bancorp subsidiary for Signature would be returned “by early next week.”
The FDIC, together with New York financial regulators, closed the crypto-friendly bank on March 12, citing risks to the U.S. economy after Silicon Valley Bank and Silvergate Bank had failed. Reports had suggested that the FDIC would close all crypto-related accounts not part of the NYCB deal by April 5 if depositors did not move their funds.
