Signature Bank closed in New York
Signature Bank closed in New York

Bank sector upheaval is not abating in the United States. A second bank has been locked after Silicon Valley Bank (SVB).

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On Sunday, state officials also closed the New York-based Signature Bank. Due to the risk associated with the cryptocurrencies this bank had on hand, it was decided to keep this regional New York bank closed for some time. As a result, it was the third-largest banking failure in US history.

The closure of Silicon Valley Bank on Friday was followed by news of the demise of Signature Bank. Following the catastrophe at Washington Mutual during the 2008 recession, it was the second-largest banking collapse in US history.

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