What condition must buyers of Signature Bank meet regarding crypto?

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Buyers of Signature Bank must forgo its cryptocurrency business

Potential acquirers of Signature Bank must agree to divest all cryptocurrency-related operations as a condition of purchase. This requirement is part of the ongoing efforts by the US Federal Deposit Insurance Corp (FDIC) to find buyers for the failed lender. The FDIC is seeking to sell Signature Bank in its entirety, though partial sales may be considered if a complete acquisition does not materialise.
Bids due by March 17

The FDIC has set a bid submission deadline of March 17 for interested parties looking to acquire either Silicon Valley Bank or Signature Bank. This accelerated timeline underscores the urgency in returning these institutions to private sector control following their seizure by regulators. The FDIC is conducting a renewed auction process for Silicon Valley Bank, having retained Piper Sandler Companies to manage the sale.
Existing bank charter favoured

To ensure a stable transition, the FDIC is permitting only entities with an existing bank charter to review the financial details of the banks before submitting offers. This stipulation is intended to provide an advantage to traditional financial institutions over private equity firms in the bidding process. The goal is to secure buyers who can maintain continuity of services and financial stability.
Comprehensive sale sought

The FDIC's primary objective is to sell both Silicon Valley Bank and Signature Bank as complete entities. However, the agency has indicated a willingness to consider offers for parts of the banks should a full sale prove unfeasible. This flexible approach aims to maximise the chances of a successful resolution for both lenders.

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What condition must buyers of Signature Bank meet regarding crypto?

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