Metropolitan Commercial Bank of the United States will terminate its cryptocurrency-related services due to “recent developments” in the digital asset industry. Metropolitan Bank Holdings (MCB), the parent company of Metropolitan Commercial Bank, announced on Monday its decision to exit verticals related to crypto assets.
The bank said the decision was made after careful review by the board and management, reflecting recent developments in the crypto asset industry, significant changes in the regulatory environment regarding banks’ involvement in crypto asset-related businesses, and a strategic assessment of the business case for MCB’s further involvement at this time, with “minimal financial impact from the exit” expected. Its four cryptocurrency clients account for approximately 1.5% of its total revenue and 6% of deposits. (CoinDesk)