{"id":43617,"date":"2023-01-09T14:57:40","date_gmt":"2023-01-09T18:57:40","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=43617"},"modified":"2023-01-09T14:58:09","modified_gmt":"2023-01-09T18:58:09","slug":"mcb-leaves-cryptocurrency-after-turbulent-year","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/mcb-leaves-cryptocurrency-after-turbulent-year\/","title":{"rendered":"MCB Leaves Cryptocurrency After Turbulent Year"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"h-the-metropolitan-bank-holding-corp-the-holding-company-for-metropolitan-commercial-bank-mcb-says-it-s-completely-exiting-its-crypto-asset-related-vertical\">The Metropolitan Bank Holding Corp, the holding company for <a href=\"https:\/\/coinscreed.com\/staging\/central-bank-of-morocco-completes-its-crypto-regulatory-framework.html\" target=\"_blank\" rel=\"noreferrer noopener\">Metropolitan Commercial Bank<\/a> (MCB), says it\u2019s completely exiting its crypto-asset-related vertical.<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331-1024x576.jpg\" alt=\"MCB leaves cryptocurrency after turbulent year\" class=\"wp-image-43620\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331-1024x576.jpg 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331-300x169.jpg 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331-768x432.jpg 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331-150x84.jpg 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331-750x422.jpg 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331-1140x641.jpg 1140w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">MCB leaves cryptocurrency after turbulent year<\/figcaption><\/figure>\n\n\n\n<p>The cryptocurrency industry had a turbulent year last year as well. No sector escaped unscathed, from a protracted market downturn to exploits in <a href=\"https:\/\/coinscreed.com\/staging\/midas-investment-shuts-down-due-to-63m-defi-portfolio-deficit.html\" target=\"_blank\" rel=\"noreferrer noopener\">decentralized finance<\/a> (DeFi) to the FTX scandal.<\/p>\n\n\n\n<p>For some, the activities in the area made it impossible to conduct business. The<a href=\"https:\/\/www.bing.com\/search?q=New+York-based+bank+leaves+cryptocurrency+after+turbulent+year&cvid=0907dc9f795a47279cf71a2f3c371a2d&aqs=edge..69i57j69i61j69i59i450l7...7.373j0j1&pglt=2083&FORM=ANNTA1&PC=U531\" target=\"_blank\" rel=\"noreferrer noopener\"> Metropolitan Bank Holding Corp<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>, the parent company of the Metropolitan Commercial Bank (MCB), a New York-based institution, declared it is quitting the crypto-assets market entirely.<\/p>\n\n\n\n<p>The corporation said in its statement that its choice &#8220;reflects recent advances in the crypto-asset industry&#8221; as well as modifications to the regulatory environment regarding banks' participation in industries connected to crypto-assets.<\/p>\n\n\n\n<p>The procedure has allegedly been going on since 2017, and MCB anticipates little financial consequence. Four institutional clients actively involved in cryptoassets currently make up about 1.5% of total revenues and 6% of total deposits for the company.<\/p>\n\n\n\n<p>This development coincides with the ongoing FTX lawsuit proceedings, which have kept the crypto business in the news. According to experts, American regulators will be watching the market more closely in the coming year, especially in light of increased regulatory and oversight efforts by the Securities and Exchange Commission, <a href=\"https:\/\/coinscreed.com\/staging\/fasb-advocates-for-crypto-holdings-fair-value-accounting.html\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Accounting Standards Board<\/a>, and Internal Revenue Service.<\/p>\n\n\n\n<p>In response to the chaos in 2022, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly issued a statement on Jan. 3 regarding crypto assets.<\/p>\n\n\n\n<p>Additionally, it demonstrated their dedication to ethical banking procedures.In addition to the investigation into FTX, Binance is also being looked into by American courts for possible money laundering. <\/p>\n\n\n\n<p>Further investigations into the interactions between hedge funds and the <a href=\"https:\/\/coinscreed.com\/staging\/russia-plans-to-develop-national-cryptocurrency-exchange.html\" target=\"_blank\" rel=\"noreferrer noopener\">cryptocurrency exchange<\/a> have been prompted by this. Despite the scrutiny from the business community, some insiders have high expectations for DeFi in the upcoming year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Metropolitan Bank Holding Corp, the holding company for Metropolitan Commercial Bank (MCB), says it\u2019s completely exiting its crypto-asset-related vertical. The cryptocurrency industry had a turbulent year last year as well. No sector escaped unscathed, from a protracted market downturn to exploits in decentralized finance (DeFi) to the FTX scandal. For some, the activities in [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":43620,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5392],"class_list":["post-43617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrency-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673288418331.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=43617"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/43620"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=43617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=43617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=43617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}