Metropolitan Commercial Bank Is Almost Done Exiting Crypto Business

04/21 00:12

According to Coindesk, Metropolitan Commercial Bank is close to exiting completely from the cryptocurrency market, with only $278.5 million in crypto-related deposits left, according to a filing with the Securities and Exchange Commission (SEC) from April 18. “Our previously announced exit from the crypto related vertical is almost complete,” the filing states, noting that its total core deposits, excluding crypto clients, were $4.9 billion at March 31. The New York-based bank’s parent company, Metropolitan Bank Holding (MBH), announced in January that it was terminating crypto-related services after recent developments in the industry and regulatory pressure.
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