Metropolitan Bank stopped associated with crypto-currencies, international transfers

American Bank holding company Metropolitan Bank stopped all international Bank transfers related to cryptocurrency. The services of the Bank are actively used by cryptocurrency companies and investment funds.

As one of the Bank’s customers, his firm has received notification that the Bank stopped all international transfers of cryptocurrency companies, as well as in Metropolitan was unable to verify compliance with the rules of international Bank transfers for cryptocurrency accounts. It is assumed that this was a response to a case of international fraud involving one of the Bank’s customers.

One of the clients of Metropolitan is Coinbase cryptocurrency platform, which uses Bank transfers, deposits and support debit card, Shift, bitcoin.

Metropolitan was not given comments about whether the restored service. It is also unclear what will happen with the money already in the accounts of existing overseas customers. Most likely, they will be frozen indefinitely.

Such a drastic decision was justified for several reasons:

  • In November last year, the Metropolitan went IPO, and then showed rapid growth, which was associated, including, with a friendly attitude towards the cryptocurrency. Some have even called Metropolitan “bitcoin Bank”. The decision on the termination of the international cryptocurrency transfers will slow down the growth of the Bank’s position.

  • Some of the funds in the United States who work with Metropolitan Bank on behalf of its international clients, and currently hold the investors ‘ money without the ability to return capital. This puts the Bank and investment firms in a precarious situation.

  • Funds that are not located in the USA and who run the money of international investors through Metropolitan Bank, potentially be forced to freeze or completely stop all operations.

  • Most likely, it won’t have much impact on the cryptocurrency market, as large companies diversifitsirovat risks, including in case of development of such scenarios and is used for international transfers few banks.

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