.MCBankNY said it will end its crypto-related services, citing recent developments in the digital asset industry. JamieCrawleyCD reports.
Metropolitan Commercial Bank is to end crypto-related services because of"recent developments" in the digital asset industry.
One of the few U.S.
and concerns that any financial firms servicing the industry will be subject to sterner regulatory oversight in the future as a result. 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. These figures equate to around $1 million in revenue and $342 million in deposits, based on the firm's
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