Signature Bank sets a limit on digital asset deposits, with individual customer deposits not exceeding $2 billion

2022-12-08 09:48:53

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ChainCatcher news, according to The Block, Signature Bank is setting a cap on digital asset deposits to reduce the proportion of deposits from digital asset industry clients to below 20% of the bank's total deposits. It is reported that Signature Bank's deposits for the third quarter amounted to $102 billion, and this measure will limit the total deposits of the entire digital ecosystem to $20.4 billion.

In addition, Signature Bank director Joseph Seibert stated in an email to clients that the deposit cap for each client will be set at a maximum of 2% of the bank's total deposits, and added to The Block that each client's deposits will not exceed $2 billion.

Previously, according to CoinDesk, Signature Bank plans to reduce cryptocurrency-related deposits 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%. (Source link)

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