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Coinbase to cease support for Signet

Published date:

February 2, 2026

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Crypto exchange Coinbase announced its plans to drop support for Signet, the digital payments platform of the failed Signature Bank.

Coinbase no longer supporting Signature Bank’s Signet network
— unfolded. (@cryptounfolded) March 21, 2023

As per WSJ’s report, Coinbase plans to switch to another payment platform even though Signet remains operational. Moreover, Coinbase clients who use Signet for carrying out USD deposits and withdrawals will not be able to transfer funds outside of traditional banking hours.

Meanwhile, the exchange claimed that this development will not affect USD Coin (USDC) to US Dollar (USD) conversions. In the words of Coinbase’s representative,

“In addition to traditional payment methods, crypto deposits, withdrawals, and conversions from USDC to USD are available 24/7 on Coinbase Exchange.”

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The closure of the crypto-friendly Signature Bank dealt a major blow to the crypto firms that were already reeling from Silicon Valley Bank’s collapse. Shortly after New York regulators closed Signature Bank on March 12, crypto platforms Coinbase, Binance, and Celsius announced their exposure to the bank.

Coinbase, in particular, revealed that the firm has roughly $240M tied up in Signature Bank. Fortunately, Coinbase’s user assets in banks remain FDIC insured, with the firm expecting a full recovery of these funds.

Written by

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

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How we reviewed this article

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Ayush Pande

Written by:

Ayush Pande

Writer

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

Radica Maneva

Reviewed by:

Radica Maneva

Senior Editor

Radica is a Senior Editor at Bitcompare. She has worked for more than a decade at leading publications as an Editor across various industries, including crypto and finance.

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