State regulators have closed the New York-based Signature Bank, which is now the third-largest failure in U.S. banking history.

The Swiss financial regulator is now trying to identify any potential contagion risks for the country's banks and insurers following the collapses of these two banks.

Meanwhile, U.S.-based crypto firms are trying to open Swiss bank accounts after the collapse of two U.S. crypto-focused banks made it harder for them to use lenders in the United States. However, Swiss bankers have said that these firms may not be able to obtain accounts with them.