Signature Bank to reduce crypto-related deposits by $8 billion to $10 billion

U.S. crypto-friendly bank Signature Bank plans to reduce cryptocurrency-related deposits by $8 billion to $10 billion, CoinDesk reported. As of September 2022, Signature Bank has a total of $103 billion in deposits, about 23.5% of which come from the encryption industry, and it plans to eventually reduce this figure to less than 15%. Foresight News previously reported that Signature Bank stated that it only has a deposit relationship with FTX, and its deposit relationship with FTX and its related companies is less than 0.1% of the total bank deposits as of November 14, 2022.