News/Metropolitan Commercial Bank Announced to End Crypto-Related Services

Metropolitan Commercial Bank Announced to End Crypto-Related Services

Jan 09,2023,21:12

Metropolitan Commercial Bank (MCB) announced to end crypto-related services.

MCB 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."

MCB 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.

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