The decision to curtail these transactions is reportedly taken due to a recent FDIC statement and the implosion of FTX, who they provided services for.
Crypto markets have been showing strong signs of recovery – but not everyone is convinced, and financial institutions are understandably on their guard.
According to the Federal Deposit Insurance Corporation , offering crypto products and services should be considered a“Business models that are concentrated in crypto-asset-related activities or have concentrated exposures to the crypto-asset sector raise significant safety and soundness concerns. will continue to closely monitor crypto-asset-related exposures of banking organizations.
Binance stressed that Signature Bank’s policy change will only affect about 0,01% of its user base and that the team is actively looking for a solution for those who would find themselves without a fiat option for withdrawal in a week’s time. It’s unfortunate that some banks feel the need to distance themselves from crypto due to fears of yet another industry behemoth collapsing overnight. Nevertheless, this incident should also serve as a reminder to stable institutions that crypto is no longer seen as an instant gold rush opportunity by financial organizations – and as a result, constant dialogue with these entities is necessary in order to keep their decisions unaffected by FUD.
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