Metropolitan Bank Holding Corp, believed to be widely used by cryptocurrency companies and investment firms, has reportedly ceased all international wire-based, cryptocurrency-related money transfers.
Fortune broke the news that Metropolitan Bank is immediately “ceasing all international crypto-related wire transfers to and from” the bank itself, according to a source that is a customer of the bank. Supposedly, the reason for the shutdown was because the bank could not verify the compliance of international wire transfers for cryptocurrency accounts. The move is alleged to be a response to an incident of international fraud associated with one of the bank’s clients.