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Just recently news.Bitcoin.com reported on the company Metropolitan Bank Holding Corp (NYSE: MCB) allegedly ceasing international cryptocurrency transfers. The bank is well known for being called the âBitcoin Bankâ and responded today to âerroneous statementsâ made by the media.
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Various Reports State the âBitcoin Bankâ Allegedly Ceased Offering International Cryptocurrency Transfers
This week the financial publication Fortune reported on the company Metropolitan Bank and said the firm was not processing international wire transfers tethered to cryptocurrencies. The news followed the recent problems European users faced a week prior as some specific crypto-based debit Visa cards ceased operations. According to the Fortune report, a Metropolitan customer said the bank notified him and said it was âceasing all international crypto-related wire transfers to and from.â Many cryptocurrency proponents thought that debit cards produced by Bitpay or Coinbase would have issues because they use Metropolitan Bank.
Metropolitan executive Edward Nebbâs statement about the bankâs services on January 16, 2018.
Metropolitan Bank Responds to Erroneous Statements
On January 16:th the bank responded to âerroneous statements contained in articles that have recently appeared in some online publicationsâ and stated that the companyâs policies have not changed. Â Â Â Â Â Â Â Â Â
âAs a matter of policy, the bank does not accept cryptocurrency-related wire transfers from non-U.S. entities,â explains Metropolitan executive Edward Nebb. âThis is a long-standing policy of the bank and remains in effect today â Last week, the bank sent out a reminder to customers of its policy against accepting cryptocurrency-related wire transfers from non-U.S. entities.â Â
This reminder to customers is not a new policy for the bank and was not due to, nor did the bank experience, any âincident of international fraud.â The bankâs long-standing policy of not accepting cryptocurrency-related wire transfers from non-U.S. entities is part of its robust risk management program that is designed to ensure the safe and sound operations of the Bank in compliance with applicable laws, rules and guidance.
Metropolitan Bank-based cryptocurrency cards seem to be operating just fine, and users of both the Coinbase Shift card and Bitpayâs Visa services have not complained about issues. International cards issued by Wave Crest Holdings are still out of service which includes cards such as Bitwala, Tenx, Bitpay, Coinsbank, and Xapo.
What do you think about Metropolitan Bankâs statements towards reports about it ceasing crypto-related services? Let us know in the comments below.
Images via Metropolitan Bank logo, and building and SEC archive.Â
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The post Metropolitan Bank Denies Ceasing Cryptocurrency-Related International Wires appeared first on Bitcoin News.
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