Bloomberg: Signature Bank faces criminal probe before collapse, including its partnerships with crypto firms

PANews March 15 news, according to Bloomberg News, people familiar with the matter revealed that before regulators suddenly took over Signature Bank last weekend, U.S. prosecutors had been investigating the bank’s cooperation with cryptocurrency customers. Justice Department investigators in Washington and Manhattan are looking into whether the New York bank did enough to detect potential money laundering by customers, such as scrutinizing who opened accounts and monitoring transactions for signs of crime, the people said.

The U.S. Securities and Exchange Commission (SEC) is also looking into the matter, two of the people said, speaking on condition of anonymity. The head of the US SEC said at the time that if violations of federal securities laws were found, they would investigate and take enforcement action.

In previous news, members of Signature’s board of directors stated that the bank was insolvent and was shut down or due to the regulator’s anti-encryption stance; while the New York Department of Financial Services stated that the takeover of Signature Bank had nothing to do with its encryption business.

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