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Republic First Bank has officially collapsed and has been seized by regulators. The FDIC announced Friday that the Bank was closed by Pennsylvania state regulators. The collapse of RFB is the first US Bank failure this year. JUST IN: Republic First Bank officially collapses and seized by regulators. — Watcher.Guru (@WatcherGuru) April 26, 2024 “Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation ( FDIC ) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement. In addition, the statement continues by explaining the future of the 32 current Republic First Bank locations. Their branches in New Jersey, ...

In an Oct. 16 update to Binance.US’s terms of service for the exchange, a clarification was made that digital assets do not qualify for FDIC insurance coverage. The update also specifies that users must convert U.S. dollars into stablecoins or other crypto currencies before making withdrawals. U.S. dollar funds to stablecoin As part of the update, users will note new additions under the section “BAM Fiat Wallet.”  Binance.US Terms of Use | Source: Binance.US Terms of Use | Source: Binance.US The exchange now states that all U.S. dollar funds associated with your BAM Fiat Wallet are not eligible for FDIC insurance protections. In the event a user wishes  to withdraw U.S. dollar funds from an account, they will have to convert such U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn. You might also like: SEC and Binance.US in legal dispute over customer asset management Following a consumer alert The update comes aft...