Metropolitan Bank Ceases Cryptocurrency-Related International Wires

Metropolitan Bank Holding Corp (NYSE: MCB), one of the fastest growing banks in the United States, is used by a number of major cryptocurrency exchanges. But the NYSE traded bank has ceased all cryptocurrency-related international wires effective immediately, according to a Fortune report.

“The Bitcoin Bank” Says No to Bitcoin

Metropolitan Bank is referred as 'The Bitcoin Bank' since it has been used by cryptocurrency companies and investment firms for wire transfers and deposits.

Digital currency wallet Coinbase is among one of the companies that uses it for wire transfers, deposits, and its Shift bitcoin debit card. As the bank hasn't released any guidance on when it will restore the service, it's unclear what might happen to the money that existing international clients have in the bank.

More Problems Incoming

Metropolitan Bank's friendly attitudes towards cryptocurrency has played a role in its rapid growth. But the bank will probably lose traction with its move to shut down crypto-related services.

But the Fortune report noted that MCB’s crypto customers will likely have alternative banks to fall back on.

Not up to date on the news' Listen to This Week in Bitcoin, a podcast updated each Friday.

The post Metropolitan Bank Ceases Cryptocurrency-Related International Wires appeared first on Bitcoin News.


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