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Coinbase has reportedly suspended support for Signature Bank's Signet payment platform following the closure of the crypto-friendly bank by New York regulators. Coinbase users won't be able to use Signet to send funds outside of banking hours until a new payment network provider is found.
Signature Bank is the third bank to fail in March, with regulators claiming it was to "strengthen public confidence in our banking system." The US Federal Deposit Insurance Corporation announced that the bank's deposits and loans, except for $4 billion in crypto deposits, will be sold to Flagstar Bank.