After the tough 2022 Bitcoin (BTC) especially cryptocurrency market started the second week of 2023 with green color.
BTC While the increase in cryptocurrencies and cryptocurrencies made retail investors a little happy, this increase was not enough for institutional investors.
In this context, the US bank that has openly supported crypto in recent years Metropolitan Commercial Bank announced today that it will completely exit the crypto-related industry.
In the statement, it was stated that this decision was taken as a result of careful review by the board of directors and management and the latest developments in the crypto money industry.
President and CEO Mark R. DeFazio said in a statement:
“Today’s announcement of our exit from the cryptocurrency-related asset vertical represents the culmination of a process that began in 2017 when we decided to move away from crypto and not grow the business.
Crypto-linked customers, assets and deposits have never represented a significant part of the company’s business and have never exposed the company to significant financial risks.
We continue to focus on expanding our core business and delivering superior value for all our stakeholders through high-contact, relationship-oriented banking, supported by financial discipline and sound risk management.”
The company also stated that crypto currently accounts for approximately 1.5% of MCB’s total revenues and 6% of total deposits. crypto- He said he has four active corporate clients related to the assets.
It was stated that MCB’s relations with these customers are limited to providing debit card, payment and account services.
Stating that it does not have any outstanding loans to any of these customers, the bank stated that they do not hold crypto assets on its balance sheet and do not sell crypto assets to its customers.
MCB finally this cryptocurrency He stated that he started the process of closing his relations with his customers on a regular basis and that he expects this process to be completed in 2023.
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