The US Federal Deposit Insurance Corporation (FDIC) has denied a report that it is forcing prospective Signature buyers to abandon the bank’s entire cryptocurrency business.

The condition set by the FDIC was previously reported by Reuters, citing its own sources. The article also stated that the FDIC is seeking to sell off Silicon Valley Bank (SVB) and Signature as a whole. However, failing that, the corporation may consider selling in installments.

The FDIC spokesman mentioned two joint statements, one of which states that banks are “not prohibited” from providing services to any sector. According to the representative of the agency, the buyer himself will tell the FDIC what assets and liabilities of the bankrupt bank he is ready to take.

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March 2023 has been a challenging month for banks operating in the crypto industry. Silvergate, Signature and Silicon Valley announced the termination of operations.