America currently has economic recession clouds looming overhead. US regulators have now closed a second bank after Silicon Valley Bank. In an effort to stop the banking crisis from getting worse, US officials shut down Signature Bank on Sunday, a major lender to the New York-based cryptocurrency business. In a joint statement released Sunday night, the Treasury, Federal Reserve, and FDIC stated that there was probably an increased risk to Signature Bank. The State Chartering Authority closed the bank as a result. This is the second American bank to close simultaneously in the last week.
Depositors may at any time withdraw the money they have deposited with Signature Bank, according to banking officials. Authorities also gave Silicon Valley Bank depositors a comparable choice. Authorities stated that all depositors of Signature Bank would have total control, similar to Silicon Valley Bank. Taxpayers will not suffer any loss.
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