Hassan Maishera
TLDR;
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Crypto exchange Coinbase has halted support for Signature Bank’s Signet Network.
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Signature Bank was shut down by banking regulators in New York last weekend.
Coinbase No Longer Supports The Signet Network
Cryptocurrency exchange Coinbase told its clients on Monday that it has halted its support for Signet, the real-time payments network of failed Signature Bank.
According to a report by the Wall Street Journal, Coinbase users who used Signet for U.S. dollar deposits or withdrawals can no longer be able to send funds outside of the usual banking hours. However, the crypto exchange said it is currently looking for a new technology partner.
A spokesperson for the company said customers of the crypto exchange would still be able to make crypto deposits, withdrawals and conversions from stablecoin USDC to U.S. dollars 24/7 on Coinbase Exchange.
The operations of some cryptocurrency companies have been affected since New York State regulators shut down the bank last weekend. The bank’s assets were transferred to a new entity run by the Federal Deposit Insurance Corporation known as Signature Bridge Bank.
The fate of the bank is still unclear, but sources have revealed that Signet was still operating. However, several clients have revealed that they have been unable to use the service properly.
