Metropolitan Bank Heads for Crypto Exit

The bank cited recent developments in the crypto industry as one of the reasons for the move.

AccessTimeIconJan 9, 2023 at 12:27 p.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Metropolitan Commercial Bank is to end crypto-related services because of "recent developments" in the digital asset industry.

One of the few U.S. banks to openly serve the crypto industry in recent years, the New York-based lender's parent, Metropolitan Bank Holding (MCB), announced the decision to exit the crypto-asset related vertical on Monday.

"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 MCB’s further involvement at this time," the bank said.

It is likely the bank is referring to the ongoing fallout from the collapse of crypto exchange FTX late last year and concerns that any financial firms servicing the industry will be subject to sterner regulatory oversight in the future as a result.

The bank said it expects "minimal financial impact from the exit." Its four crypto clients accounted for around 1.5% of its total revenue and 6% of its deposits. These figures equate to around $1 million in revenue and $342 million in deposits, based on the firm's Q3 2022 results reported in October.

UPDATE (Jan. 9, 12:48 UTC): Adds approximations for MCB's crypto-related revenue and deposits, as well as additional context.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about