Martin Gruenberg, chair of the United States Federal Deposit Insurance Corporation, has said the FDIC plans to return roughly $4 billion in deposits connected to Signature Bank’s digital asset banking business by early April.
In a March 29 hearing of the U.S. House Financial Services Committee exploring federal regulators' responses to recent bank failures, Gruenberg said the deposits that were not included in the bid from a New York Community Bancorp (NYSE:NYCB) subsidiary for Signature would be returned “by early next week” — roughly $4 billion tied to digital assets. Reports had suggested that the FDIC would close all crypto-related accounts not part of the NYCB deal by April 5 if depositors didn’t move their funds.