According to the report, a Metropolitan Bank (NYSE:MCB) customer on Thursday was notified that the bank was “ceasing all international crypto-related wire transfers,” effective immediately. The move was reportedly thanks to alleged international fraud associated with one of the bank’s clients.
Occasionally referred to as “The Bitcoin Bank,” the fast-growing and recently IPO’d Metropolitan is a favorite for transfers with cryptocurrency companies and investment firms. According to Seeking Alpha contributor Wall Street Crypto, Coinbase (Private:COINB) wire transfers are sent to MCB, and the exchange’s Shift bitcoin debit card is an MCB product.
The Fortune report does note that MCB’s crypto customers likely have alternative banks to fall back on.
Bitcoin’s having a rough weekend, and is flirting with dropping below $13K again. Ethereum on Saturday surged through $1.4K for the first time, but has pulled back to $1,288.