Third US cryptocurrency bank fails

New York-based Signature Bank was shut down by US regulators on Sunday, becoming the third failure in the country's banking industry in less than a week. The Federal Reserve, US Treasury and the Federal Deposit Insurance Corporation (FDIC) announced a "systemic risk exception" for both Signature and Silicon Valley Bank (SVB), a tech and start-up focused lender that was shut down following a bank run last week. The FDIC will use the FDIC's deposit insurance fund to fully protect all depositors, both insured and uninsured. Signature was a big lender to the crypto industry, with $110.4 billion in total assets and $88.6 billion in total deposits. New York state officials said the move to close the bank was made "in light of market events" in a bid to protect bank clients and the financial system.