Metropolitan Commercial Bank is nearing completion of its exit from the cryptocurrency market, with only $278.5 million in crypto-related deposits remaining. The bank's parent company, Metropolitan Bank Holding, announced the termination of crypto-related services in January due to recent industry developments and regulatory pressure.
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.
Metropolitan Commercial Bank’s holding company will exit its crypto asset vertical, pointing to the shifting regulatory environment for banks involved in crypto, developments in the industry and business opportunities.