Something must've been going very wrong with their crypto investments.

"Signature Bank is a New York state-chartered commercial bank and is FDIC-insured, with total assets of approximately $110.36 billion and total deposits of approximately $88.59 billion as of December 31, 2022," Harris' statement said. "DFS is close contact with all regulated entities in light of market events, monitoring market trends, and collaborating closely with other state and federal regulators to protect consumers, ensure the health of the entities we regulate, and preserve the stability of the global financial system."

Crypto-Friendly Signature Bank Shut Down by State Regulators

Signature said it intended to limit its crypto exposure last year.

^{Nikhilesh De (CoinDesk)}