Signature Bank, a crypto-friendly bank based in New York, has been closed down and taken over by the New York Department of Financial Services (NYDFS). The NYDFS has appointed the US Federal Deposit Insurance Corporation (FDIC) to handle the insurance process. The Federal Reserve said the decision to shut down the bank was made with the FDIC to safeguard the country’s economy and bolster public trust in the banking system. While all depositors of Signature Bank will be reimbursed, shareholders and certain unsecured debt holders will not be protected. The bank held $88.6 billion in deposits as of 31 December 2022.