One of the few U.S. banks to openly serve the crypto industry in recent years, the New York-based lender's parent, Metropolitan Bank Holding (MCB), announced the decision to exit the crypto-asset related vertical on Monday.
"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 bank said.
The bank said it expects "minimal financial impact from the exit." Its four crypto clients accounted for around 1.5% of its total revenue and 6% of its deposits.
(By Jamie Crawley)
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