Signature Bank closed down as crypto concerns help fuel panic
Failure of real estate lender hobbled by crypto bet is third-largest in history
Signature opened in 2001 and pitched itself to businesses and individuals as an alternative to big banks
Spencer Platt/Getty ImagesSignature Bank was closed by regulators on 12 March, the second massive bank failure in three days.
The New York-based bank faced a crisis of confidence after midsize lender Silicon Valley Bank was seized by regulators on 10 March. Signature was also reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets. The failure is the third-largest in US history.
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