Holpop News

According to Bloomberg, Justice Department investigators in Washington and Manhattan investigated Signature Bank’s work with cryptocurrency customers to see if they had taken sufficient steps to identify potential money laundering.
The investigation took place long before regulators suddenly shut down the bank.
A spokesman for the New York City Department of Financial Services told The Block that the decision to acquire Signature Bank was not related to the bank’s cryptocurrency business.
According to The Block, the bank failed to provide “reliable and consistent data about its business, creating a significant crisis of confidence in the institution’s management,” and cryptocurrency was only a small part of its operations.
Earlier, one of the bank’s board members, Barney Frank, criticized the state regulators’ decision and said they simply “wanted to demonstrate the toxicity of cryptocurrency.”