Coinbase stops support for Signature Bank

Coinbase Global Inc said on Monday that it had stopped support for Signature Bank's digital payments platform Signet, more than a week after U.S. regulators took control of the bank.

The exchange said that users who relied on Signet will not be able to transact outside traditional banking hours.

New York-based Signature was one of two major U.S. banks that collapsed earlier this month, triggering market turmoil on a scale similar to the global financial crisis 15 years ago.

After the bankruptcy of FTX and troubles at Silvergate Bank earlier this month, the bank had been looking to shrink its footprint in the space.

On Sunday, a unit of New York Community Bancorp entered into an agreement with U.S. regulators to buy deposits and loans from Signature Bank.