• The U.S. Department of Justice and the Securities and Exchange Commission were investigating Signature Bank for lax money laundering monitoring procedures.
• The Federal Reserve shut down Signature Bank on March 12th due to state regulations.
• Binance US has offered a $1 billion deal to purchase assets from bankrupt crypto lender Voyager Digital, but the U.S. government has put this on hold until legal objections are solved.
Signature Bank Investigated by DOJ and SEC
The U.S. Department of Justice (DOJ) in Washington D.C., and in New York, as well as the U.S Securities and Exchange Commission (SEC), were investigating possible lax monitoring at Signature Bank to prevent money laundering, according to people familiar with the matter, reported Bloomberg Wednesday.
Signature Bank Shut Down By State Regulators
New York-based Signature Bank which had a number of crypto clients was shut down by state regulators on March 12th, said the Federal Reserve at the time of closure. Spokespeople for the Federal Deposit Insurance Corp.(FDIC), DOJ, the U.S Attorney’s Office in Manhattan and SEC declined to comment when asked by Bloomberg about why exactly they were looking into Signature Banks activities or money laundering concerns that may have been present prior to its closing down by state regulators earlier this month
Binance US To Purchase Assets From Voyager Digital
Binance US has offered a $1 billion deal to purchase assets from bankrupt crypto lender Voyager Digital; however, this is currently being held up pending legal objections from the U.S government before it can be finalized .
Hash Panel Discusses Latest Developments And Regulatory Implications Around Voyager-Binance Deal
The Hash panel discussed some of latest developments and regulatory implications around proposed Voyager-Binance deal following its announcement earlier this week .
Conclusion: Regulatory Concerns Surrounding Crypto Deals
It is clear that regulatory concerns surrounding crypto deals are increasing significantly with more investigations being carried out into potential suspicious activities which could lead to larger issues if not addressed properly moving forward .