Metropolitan Commercial Bank to Exit Crypto Intensifying Crisis
New York Metropolitan Commercial Bank is to stop crypto operations. The recent closure of crypto-banks has created a crisis in the crypto industry. Since the consecutive collapse of crypto-friendly banks in March 2023, the crypto industry has needed a strong banking partner in the United States. Further increasing the hardships for the industry, Metropolitan Commercial Bank closed its operations due to the current market scenario. MCBank Closing Crypto Operations According to Metropolitan Commercial Bank‘s (MCBank) April 18, 2023, SEC filling, crypto deposits were around $278.5 Million. On March 31, 2023, excluding the crypto clients, the bank’s total deposits were around $4.9 Billion. Its parent company Metropolitian Bank Holding announced in January 2023 about exiting crypto operations. This decision closely follows the arrest of FTXs former boss, Sam Bankman-Fried, who is facing trials for several financial crimes. The collapse of one of the leading crypto exchanges in the world was a event in the crypto industry. It started a contagion effect that affected almost everyone directly or indirectly with FTX. MCBank served four crypto clients, contributing to 1.5% of its total revenue, around $1 Million. 6% of the banks total deposits came from them, around $342 Million. These details were released in their Q3 2022 filing. The Crypto