Informed sources: Signature buyers must abandon all cryptocurrency operations of the bank

ChainCatcher news, according to sources from Reuters, the Federal Deposit Insurance Corporation (FDIC) has asked banks interested in acquiring Silicon Valley Bank and Signature Bank to submit bids by March 17.

Sources said that the FDIC has hired investment bank Piper Sandler Companies for the auction, and only bidders holding existing bank licenses will be allowed to review the banks' financial conditions before submitting bids. The FDIC's goal is to sell both SVB and Signature, and any buyer of Signature must agree to relinquish all of the bank's cryptocurrency business. (source link)