Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) has confirmed that neither the London-listed cryptocurrency miner, nor any of its subsidiaries, have any exposure to the collapse of either Silvergate Bank or Silicon Valley Bank.
A subsidiary of Argo held a portion of its operating funds in cash deposits at Signature Bank in New York, which were secure and available for use as of Monday, March 13, 2023
In a joint statement issued on Monday, the US Department of the Treasury, the Federal Reserve, ad the Federal Deposit Insurance Corporation (FDIC) announced a systemic risk exception for Signature Bank, confirming that "all depositors of this institution will be made whole".
In a follow-up announcement from the FDIC, it was announced that the New York State Department of Financial Services had appointed the FDIC as Signature’s receiver, stating: "To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.
“Banking activities will resume Monday, March 13, 2023, including on-line banking. Depositors and borrowers will automatically become customers of Signature Bridge Bank and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards, and writing checks in the same manner as before."
Argo shares added 12.5% on Monday to close at 13.5p.