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Signature Bank's Demise Due to Crypto Exposure: FDIC Chair

In a recent speech before the House Committee on Financial Services, the Federal Deposit Insurance Corporation (FDIC) chairman blamed Signature Bank’s reliance on uninsured deposits from the crypto industry and its exposure to the events that took place in 2022 for its demise. At the time, Signature said these accounts represented less than 0.1% of its overall deposits, adding that it planned to reduce around $10 billion in deposits emanating from digital asset clients. The bank said by reducing its ties with digital asset clients; it would bring its crypto-related deposits down to between 15-20% of its total.

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