Metropolitan Bank Holding (MCB) exits the crypto market

Metropolitan Bank Holding (MCB) exits the crypto market
фото показано с : invezz.com

2023-1-11 16:46

One of the few US banks to serve the crypto industry, the Metropolitan Commercial Bank, has today announced that it is ending crypto-related services. The bank said that the move was because of the recent developments in the crypto industry.

The move was announced by the New York bank’s parent company Metropolitan Bank Holding (NYSE: MCB).

Exit after strategic assessment of business

In a statement, Metropolitan Bank Holding said:

“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.”

While the bank did not mention it, the recent move could likely be because of the ongoing crypto meltdown after the collapse of FTX late last year. There are also concerns that financial firms involved in the crypto business could be subjected to stricter regulatory oversight in the future due to the rate at which crypto entities are collapsing.

The exit’s financial impact

MCB shares closed last week with a gain of +0.07 (0.12%) on Friday and the bank has said that it expected the plan to exit the crypto market to have “minimal financial impact.”

The bank’s four crypto clients only accounted for about 6% of its deposits and 1.5% of its total revenue. This equates to about $342 million in deposits and $1 million in revenue according to the bank’s 2022 Q3 results reported last year in October.

The post Metropolitan Bank Holding (MCB) exits the crypto market appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0.0095806 (+7.58%)
Объем 24H $0
Изменеия 24h: 2.35 %, 7d: -7.78 %
Cегодня L: $0.0086651 - H: $0.0095806
Капитализация $183.154k Rank 1690
Доступно / Всего 19.117m EMD / 32m EMD

crypto bank metropolitan industry developments ending crypto-related

Источник: invezz.com

crypto bank → Результатов: 126


Brazil Sets Crypto Regulations Straight: Central Bank Takes Charge As Regulator

Brazil’s President, Luiz Inacio Lula Da Silva, has taken a significant step toward clarifying the regulatory landscape of crypto in the country. With the recent signing of legislation, the roles of the Central Bank in overseeing the crypto industry will be clearly defined, granting the bank the authority to supervise crypto firms.  Additionally, the regulation […]

2023-6-15 15:30


BoE Wants to Bring Stablecoins Into Bank’s Regulatory Remit, Urges Institutions To Take A “Cautious Approach” To Crypto Adoption

Crypto has “all the makings of something that could become” a financial stability risk, says Bank of England Governor Andrew Bailey. The post BoE Wants to Bring Stablecoins Into Bank’s Regulatory Remit, Urges Institutions To Take A “Cautious Approach” To Crypto Adoption first appeared on BitcoinExchangeGuide.

2021-12-15 22:24


Фото:

Australia’s Largest Bank To Offer Crypto Services To Customers

Commonwealth Bank (CBA) will start offering its customers a service that would allow them to buy sell and hold cryptocurrencies directly through its banking app. According to the Wednesday announcement, the bank said that it had partnered with New York-based leading crypto custodian and exchange firm Gemini and leading blockchain and crypto data solutions firm […]

2021-11-4 18:51


Фото:

Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies

Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin.

2021-3-2 14:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Cryptocurrencies see uninspired action as stocks open higher

Cryptocurrencies remain largely indecisive since last week’s heavy selling that pushed the prices of the leading digital assets below key support levels. Bitcoin and Ethereum for instance have found it difficult to reclaim the $23k and $1.

Coinbase, Paxos halt business with Silvergate Bank

Coinbase (NASDAQ: COIN) has announced it is discontinuing its business relationship with Silvergate (NYSE: SI), a crypto-friendly bank that is looking increasingly in trouble following the crypto winter and the collapse of FTX.