ChainCatcher news reports that, according to documents submitted by Metropolitan Bank Holding Corp. to the U.S. Securities and Exchange Commission (SEC), as of March 31, its total core deposits (excluding cryptocurrency clients) amounted to $4.9 billion. The previously announced exit from cryptocurrency-related verticals is nearly complete, with deposits from active institutional cryptocurrency-related clients accounting for 4% of total deposits, or $217.6 million. Since March 31, 2022, deposits from the digital currency business have decreased by $825.8 million.Previously, ChainCatcher reported that in January 2023, Metropolitan Bank Holding Corp. announced its decision to exit the verticals related to cryptocurrency assets. This decision was made after careful review by the board and management, reflecting the latest developments in the cryptocurrency asset industry and significant changes in the regulatory environment regarding banks' participation in cryptocurrency-related businesses. MCB stated that it will minimize the impact of the exit, with its current four cryptocurrency clients accounting for approximately 1.5% of its total revenue and 6% of its deposits. (Source link)

ChainCatcher news, Metropolitan Commercial Bank (MCB) announced its decision to exit the vertical industry related to crypto assets. MCB stated that this decision was made after careful review by the board and management, reflecting the latest developments in the crypto asset industry and significant changes in the regulatory environment regarding banks' participation in crypto asset-related businesses.According to MCB, it will minimize the impact of the exit, as its current four cryptocurrency clients account for approximately 1.5% of its total revenue and 6% of its deposits. (source link)