Metropolitan Commercial Bank Bows Out of Crypto

Metropolitan Commercial Bank has announced its decision to completely exit the crypto market. The move has come in response to the changes in the cryptocurrency industry and regulatory policy, and after a strategic assessment of the bank’s business case. Although digital asset-related deposits had fallen to 4% of the total as of March 31, 2022, the bank said the decision will still not affect customers’ existing ability to send or receive funds from crypto-asset firms. However, Metropolitan Commercial Bank is expected to wind down closing its relationships with four crypto-asset-related clients by 2023. The company said that the move will have a minimal financial impact and will allow the bank to focus on delivering “superior value for all of our stakeholders.” Previously, the parent company, Metropolitan Bank Holding, declared the cessation of crypto-related services in January due to industry developments and regulatory pressure.