Coinbase users who have used Signet to deposit or withdraw funds in US dollars will not be able to make transactions outside of the bank’s opening hours.
At the moment, Coinbase is looking for a new technology partner. At the same time, representatives of the crypto exchange note that their clients can still freely make any transactions around the clock and seven days a week, including converting USDC to USD.
The fate of Signet remains uncertain. Recall that Signature Bank was closed by New York state regulators last weekend, and its assets were transferred under the management of the Federal Deposit Insurance Corporation, known as Signature Bridge Bank. However, sources say that Signet is still working.
In a statement to the media, FDIC officials said that Signet is under their management and a final decision on the future of the platform has not yet been made.