The Federal Deposit Insurance Corp. is looking to sell Signet, the real-time payments network associated with failed crypto stalwart Signature Bank, Bloomberg reported Wednesday.
Any Signet accounts that are not closed by April 5 will be automatically shut and users will receive a mailed check to the associated address on record, the FDIC said Tuesday.
New York Community Bank subsidiary Flagstar acquired a large segment of Signature this month, but $4 billion in cryptocurrency-related deposits were not included in the transaction.
“Those are the deposits we are encouraging customers to move,” an FDIC spokesperson told Reuters.
A number of crypto trading firms have fled Signet or reduced their use of the platform after Signature failed. Signet has remained under FDIC receivership.