A regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of Congress who was on the bank’s board says.

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On Sunday, as government authorities announced that Silicon Valley Bank depositors would be protected, they added that the New York Department of Financial Services would be shuttering Signature Bank.

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated. A regulatory takeover of a New York-based ...