MCBs relationships with these clients are limited to providing debit card, payment and account services. Outside US: (201) 680-6578, Regular Mail: For a lot of Americans, job security is a cause for concern, and the possibility of a recession is compounding this fear. Computershare According to the press release, the decision to close the vertical was the result of "a careful review" by the Board of Directors and management in light of: This comes after, as reported, on January 3, three US regulators the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement warning banks about crypto-related risks, prompted by the massive failures of several large crypto companies. See list of pending cases, closed cases, arbitration awards, and client . Metropolitan Commercial Bank is one of the few U.S based financial institutions that opened its doors to crypto users during the crypto boom. Click to reveal He added that, "Crypto-related clients, assets and deposits have never represented a material portion of the Companys business and have never exposed the Company to material financial risks.". 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 MCBs further involvement at this time. The bank offers debit cards, payment, and account services to its customers and has no outstanding debts. Metropolitan Commercial Bank Closes Crypto Vertical, Emphasises it Has No Liabilities, Top SEC Official Steps Down Following Controversial Meetings with Sam Bankman-Fried and FTX Lobbyists, SEC's Munter: Investors Should Proceed with Caution on Crypto Proof-of-Reserve Audits, Crypto Lender Nexo to Leave the USA After Discussions with Regulators Hit a Stalemate. MCB's relationships with these clients are limited to providing debit card, payment and account services. 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Metropolitan Commercial Bank Routing Number: 026014902: Institution Name: METROPOLITAN COMMERCIAL BANK : Office Type: Main office: Delivery Address: 99 PARK AVE, 4TH FLOOR, NEW YORK, NY - 10016 Telephone: 212-659-0600: Servicing FRB Number: 021001208 Servicing Fed's main office routing number: Metropolitan Commercial Bank Branches 8 branches found. Kraken, Bittrex, etc.). In its statement Monday, Metropolitan acknowledged 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 MCBs further involvement as reasons for the exit. Swift Codes; . The Company has no loans outstanding to any of these clients, does not hold crypto-assets on its balance sheet and does not market or sell crypto-assets to its customers. However, the New York bank also witnessed the most significant decrease in its corporate cash management deposits. Examples of forward-looking statements include but are not limited to the Companys future financial condition and capital ratios, results of operations and the Companys outlook and business. https://www.businesswire.com/news/home/20230109005186/en/, Greg Sigrist Please check with your financial institution prior to initiating a transfer. CoinDesk that it had doubled its loan loss provisions to $4.8 million in Q1 2020, while its overall deposits also surged by $231 million quarter over quarter. (212) 365-6721 The embattled crypto-service bank got a lifeline of liquidity in the fourth quarter of 2022 from the Federal Home Loan Bank System, raising new questions about both the Home Loan banks' purpose and crypto contagion. SoftBank, the Korean investment giant that has Fortress Investment Group as one of its portfolio companies, is expected to rack up a $12.5 billion loss for the financial year that ended in March. 176.31.79.7 [email protected], Metropolitan Bank Holding Corp. to Exit Crypto-Asset Related Vertical, Login: Resident Performance & security by Cloudflare. Last week, the California-based Silvergate bank, which specializes in serving cryptocurrency companies, announced that it was laying off 40% of its workforce and was forced to conduct a debt sale in order to stay in business. These statements relate to future events or our future financial performance and involve risks and uncertainties that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Metropolitan Commercial Bank "expects minimal financial impact" from the move. Computershare A few weeks ago, Mayor Eric Adams declared November 17 to be "Metropolitan. Services offered to these clients include providing debit cards, payment and account services. Metropolitan Commercial Bank, a New York banking institution that has been openly serving the cryptocurrency space, has posted an increase in crypto-related deposits for the first quarter of the . Addressing concerns ranging from financial inclusion to the impact of China's digital yuan, central banks are running tests to determine how central bank digital currency transactions will work both domestically and internationally. The metric fell by an alarming $155 million, although it saw its loan loss provisions increase by over 100 percent as a means of responding to the coronavirus pandemic. View source version on businesswire.com: will not be accepted. Online Profile, Check We encourage you to do your own research before investing. The bank said it plans to close out these relationships in an orderly fashion this year. This determination will not affect customers existing ability to send funds to, or receive funds from, crypto-asset companies they choose to do business with, or MCBs service to customers that do not have crypto-asset related activity as a principal line of business. "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 . The bank has already begun the process of closing out the relationships that it has with crypto-related accounts and expects the processes to be completed during 2023. For more information, please visit MCBankNY.com. The bank will have "minimal financial impact" from exiting its crypto vertical, it said in a statement . Metropolitan served as a banking partner for now-bankrupt crypto exchange Voyager Digital, and faced a spotlight in July, when it clarified to Voyager customer that their accounts were eligible for Federal Deposit Insurance Corp. (FDIC) insurance only if the bank, not Voyager, were to fail. The Bank is a New York State chartered commercial bank, a member of the Federal Reserve System and the Federal Deposit Insurance Corporation, and an equal housing lender. The volatile cryptocurrency market plummeted last year as a result of the high-profile failures of many large crypto businesses. New York City-based Metropolitan Commercial Bank will exit the crypto world, it said Monday, following a year in which the sector saw volatility in token prices and the downfall of several prominent exchanges. The Company expects minimal financial impact from the exit of this vertical. It was also not just a very large bank that owned many assets, but was one of the largest commercial banks in the United States. not reaching your App within 3-5 business days), are: The name of your bank account does not fully match your name on our record. Kitco Account, Global banks only have a 0.01% exposure to crypto, according to the BIS, Gold trades lower as Fed's Bullard advocates front-loading rate hikes, Mining giant BHP increases copper and iron ore production in HY22, Fed's current structure has boosted public confidence, George says, CBDC Outlook 2023 - More than meets the eye, Crypto market win-streak comes to an end as Bitcoin slides to support at $20,800, Investors speculate on forward guidance of the Fed with little to no clarity from experts, Gold trades lower as Feds Bullard advocates front-loading rate hikes, Protectionism becoming hallmark of US government policy, Wednesday's Charts for Gold, Silver and Platinum and Palladium, January 18. Cloudflare Ray ID: 78bb55698c59d6ba We do not undertake any obligation to update or revise any forward-looking statement. They account for about 1.5% of total revenue and 6% of total deposits at the bank. CEO Nihin Mhatre said the bank is in a "very, very good spot" as his transformation of the company proceeds. 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 MCBs further involvement as reasons for the exit. Metropolitan Commercial Bank will cease its cryptocurrency services due to "recent developments" in the industry. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we caution you not to place undue reliance on these forward-looking statements. To Continue Reading. 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