Signature Bank announced it will reduce cryptocurrency deposits by up to $10 billion

According to ChainCatcher, as reported by CoinDesk, Signature Bank in the U.S. announced that it will reduce deposits related to cryptocurrency by $8 billion to $10 billion. Signature Bank CEO Joe DePaolo stated that as of September 2022, approximately 23.5% of the bank's total deposits of $103 billion came from the crypto industry, but given the recent issues in the sector, Signature ultimately decided to reduce this amount to below 15%.

DePaolo emphasized that Signature is not just a cryptocurrency bank, and that stablecoins are part of the business it plans to exit.

ChainCatcher previously reported that after the FTX collapse, Signature Bank claimed to have only a deposit relationship with FTX, with deposits being less than 0.1% of total deposits, and the balance of digital asset deposits remained stable. (CoinDesk)