Metropolitan Commercial Bank has just announced in a filing with the SEC that it is close to completing its exit from the cryptocurrency market.
According to the document, customer deposits related to digital assets at the institution as of March 31 fell to 4% of the total and amounted to $217.6 million.
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The bank's parent company, Metropolitan Bank Holding, announced back in January its intention to exit the cryptocurrency business due to "recent developments in the industry," changes in the regulatory environment, as well as economic viability.
Mark DeFazio, the company's president and CEO, said:
"Today’s announcement of our exit from the crypto-currency related asset vertical represents the culmination of a process that began in 2017, when we decided to pivot away from crypto and not grow the business."
Metropolitan Bank Holding has said it expects the decision to have a "minimal financial effect."