As of September, almost a quarter of its deposits came from the cryptocurrency sector, but the bank announced in December that it would shrink its crypto-related deposits by $8 billion. Signature's remaining deposits from crypto clients were not part of the rescue deal arranged with Flagstar. The New York State Department of Financial Services pushed back on speculation from the crypto industry as well as Signature board member and former U.S. Representative Barney Frank's assertions that the regulator closed the bank due to its involvement in digital assets. The agency said Signature failed to provide reliable and consistent data as withdrawal requests ballooned over the weekend and made the decision to close the bank based on its ability to do business in a safe and sound manner the next day. Signature had a long-standing relationship with former President Donald Trump and his family, providing Trump and his business with checking accounts and financing several of the family's ventures.