FDIC sets deadline for Signature Bank's crypto clients to close accounts.
The FDIC is urging stranded crypto customers to cash out by next week, whether they have a new bank or not, as it tries to clear $4 billion in crypto-related deposits left behind by the former Signature Bank. The FDIC has been reaching out to customers connected to the money, encouraging them to find another bank to transfer the funds to. If they can’t, they’ll be getting a check to whatever address is on record for the customer. The OCC’s strict standards for crypto involvement at the banks it oversees does make it difficult for its regulated institutions to bring on new business tied to the sector.