Metropolitan Commercial Bank’s deposits from crypto firms have steadily declined, a sign of heightened competition in a field where the bank was once one of the only games in town.
To most banks in the U.S., cryptocurrency businesses are pariahs. To Metropolitan Commercial Bank in New York, they're "pioneers."
Crypto-friendly Metropolitan Commercial Bank reported $25 million more in deposits from crypto customers in the first quarter of 2020.
Metropolitan Bank released a statement stating that it had a "long-standing policy" barring crypto-related wire transfers outside the U.S.