The latest balance sheet of the US-based Metropolitan Commercial Bank, which announced that it would sever its ties with the crypto money industry in the first days of 2023, revealed that the bank acted in accordance with its rhetoric.
According to the document released by the US Securities and Exchange Commission SEC earlier this week, the Metropolitan only has $278 million worth of cryptocurrency deposits left.
It turned out that in the application document announced by the SEC, bank executives included the statements "We have almost made our exit from the crypto sector".
According to the bank's previously recorded deposit balance report, as of March 31, Metropolitan Bank had digital assets worth $4.9 billion.
Metropolitan served 4 major crypto clients, accounting for just 1% of its total revenue according to its Q3 2022 balance sheet.
The bank's parent holding company, Metropolitan Bank Holding (MBH), has announced that it will withdraw from the crypto space following the FTX collapse, citing regulatory pressure and negative developments in the industry.
Some Banks Blame Crypto For The Crisis!
Somehow, the US-based banking crisis in March 2023 turned the arrows towards the crypto industry. In a letter to shareholders, Provident Bancorp claimed that Silicon Valley Bank, which went bankrupt due to "false bond purchases", went bankrupt because of crypto.
