FDIC Denies Report It Will Ask Signature Buyers to Divest Crypto Business

The U.S. Federal Deposit Insurance Corporation (FDIC) has denied a Reuters report that it will ask Signature Bank buyers to divest its crypto business, CoinDesk reported. The FDIC has given until March 17 that banks interested in buying Silicon Valley Bank and Signature Bank submit offers, Reuters reported citing sources. The FDIC hired investment bank Piper Sandler Companies to conduct the auction, where only bidders with existing banking licenses will be able to research the bank’s financials before submitting an offer, sources said, and any buyer of Signature would have to agree to give up all of the bank’s crypto business .