Crypto-friendly Signature Bank was officially closed down and taken over by the New York Department of Financial Services on March 12 for failing to provide consistent and reliable data. The bank has been investigated by two United States government bodies over whether it took adequate measures to monitor and detect potential money laundering by its clients. Former member of the U.S. House of Representatives Barney Frank suggested that New York regulators closed Signature as part of a seeming show of force against the crypto market.
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