In 2023, Signature Bank, the 19th largest US Bank, was shut down after depositors withdrew large amounts of money when Silicon Valley Bank failed. Signature Bank had a high concentration of cryptocurrency customers with digital asset-related client deposits at $16.52B. Signature was one of the few financial institutions that took deposits of crypto assets, a business it entered in 2018. That ended up being a fateful decision because the bottom fell out of crypto assets after the collapse of FTX.
