The Metropolitan Commercial Bank shut down down all of its services related to the cryptocurrencies. The bank was considerably popular in the industry since it was among the few that openly catered to clients from the crypto industry. The notorious crypto market events have been cited as the reason for this decision.
According to the press release by the Metropolitan Bank Holding Corp, which is the holding company for the bank, the company expects minimal financial impact from the departure of the crypto vertical.
“This decision follows a careful review by the Board of Directors and management and reflects recent developments in the crypto-asset industry, material 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,” the press release read.
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