Bank’s Deposit-Only Relationship with FTX is Less Than 0.10 Percent of Overall Deposits
NEW YORK–(BUSINESS WIRE)–Signature Bank (NASDAQ:SBNY), a New York-based, full-service commercial bank, announced today a digital asset banking update, citing that its deposit relationship with FTX and their related companies is less than 0.1 percent of the Bank’s overall deposits as of November 14, 2022.
Signature Bank only has a deposit relationship with FTX. Additionally, the Bank does not lend on digital assets (cryptocurrencies), invest in digital assets or custody any digital assets for any of its clients. Signature Bank’s relationships in the digital asset space can be characterized as traditional deposit banking, including cash and treasury management services to institutional entities.
As of November 14, 2022, the Bank’s deposit balances in the digital asset arena remained stable when compared with balances of $23.5 billion at September 30, 2022.
“Signature Bank is a
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