Metropolitan Commercial Bank prepares for crypto exit

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Updated January 9, 2023 | Published January 9, 2023

2 mins read

The process began in 2017 with a strategy to “pivot away from crypto and not grow the business”.

Metropolitan Holding Bank Corp, the holding company for the Metropolitan Commercial Bank (MCB), has announced that it will end its crypto-related services.

The decision comes after a review by the board of directors and management considering “recent developments” in the digital asset industry, “material changes” in the regulatory environment, and a “strategic assessment” of MCB’s business cases.

MCB CEO and president Mark R DeFazio said: “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 pivot away from crypto and not grow the business.

“Crypto-related clients, assets and deposits have never represented a material portion of the company’s business and have never exposed the company to material financial risks.

“We remain focused on growing our core business and delivering superior value for all of our stakeholders through high-touch, relationship-driven banking, supported by financial discipline and sound risk management.”

The bank does not see its decision as one that will have a large financial impact and currently has four active institutional crypto-asset-related clients that account for around 6% of total deposits and 1.5% of total revenues.

Such numbers equate to roughly $1m in revenue and $342m in deposits, based on the firm's Q3 2022 results in October.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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