Signature Bank Distances Itself from Crypto After FTX Crash (1)

Signature Bank intends to shed as much as $10 billion in deposits from digital asset clients as it embarks on a widespread pullback from the cryptocurrency industry in the wake of the FTX blowup.

The bank intends to bring the share of deposits from digital-assets clients beneath 20% of its deposit base, and perhaps as low as 15%, as it boosts other business lines, Chief Operating Officer Eric Howell said Tuesday at a financial-services conference held by Goldman Sachs Group Inc. The firm also would cap the share of deposits from any single digital-asset client.

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