Signature Bank (SBNY) will reduce its deposits tied to cryptocurrencies by $8 billion to $10 billion, signalling a shift away from the digital asset industry for the bank that was once one of Wall Street’s most crypto-friendly. “We are not just a crypto bank, and we want that to be clear,” Signature Bank CEO Joe DePaolo said on Tuesday at a Goldman Sachs Group Inc. investor conference in New York. As of September 2022, the crypto industry accounted for nearly a quarter of the New York-based bank’s total deposits of $103 billion, or roughly 23.5%. However, given the recent “issues” in the space, Signature will eventually reduce that amount to less than 15%, according to DePaolo.
