Metropolitan Bank Halts Crypto-related Wire Transfers
It seems like there has been a vendetta against crypto lately from the mainstream media, governments, and banks. The recent onslaught is continuing with Metropolitan Banks now halting all cryptocurrency-related wire transfers.
A Metropolitan customer recently informed Fortune.com that his investment firm was notified that Metropolitan was ceasing transfers to and from any crypto entity. The incident is supposedly stemmed from an international fraud case relating cryptocurrency and Metropolitan Bank.
This is bad news for anyone that thought crypto was gaining mainstream adoption, and it is especially concerning considering that Metropolitan was considered one of the most crypto-friendly banks.
Since Metropolitan's IPO, they have been growing very quickly, but there is a good chance that their stock could take a hit given their new stance on cryptocurrency.
I personally hope that their company tanks, and I hope the same for any other bank or media corporation that has been bashing and trying to slow the growth of crypto lately.
What do you think of this move by Metropolitan banks, and do you think other banks will be following Metropolitan's move soon? Tell me in the comments.
To the moon,
its definitely a big move lets see how the crypto will react
I don't mind another banks will gives take a decision against cryptocurrency. All know banks hate cryptos. But they can't to do anything against cryptos. But I bet stop crypto wireless transfer from bank it would be disadvantages.
Why sooo much hate from these bank, they should just accept the fact that the world is changing, why hate when its obvious crypto has come to stay
Crypto just increases value daily, bad people are gonna remain fuders forever
they can not against the power of decentralization they fear
Interesting stance taken by Metropolitan. I think Crypto currency acceptance will not need banks to adopt them, most likely the opposite will happen. Crypto will become mainstream not because of the traditional banking system but through blockchain innovation which will circumvent the need for banks, and is likely to force banks to evolve and innovate themselves and potentially create their own crypto currencies!
So if bank wires to and from exchanges are banned by all banks, how is people going to put FIAT into crypto to fuel the growth and how are we going to cash out if almost no shop accepts crypto yet?
Don't take me wrong, I'm quite invested in cryptos so I don't want to spread FUD, but if other banks follow it is a very difficult situation, at least until decentralized exchanges are working, which I don't think it will be any time soon... and I still don't know how we will put the FIAT we have in the bank into crypto.
Sorry I have never heard of this bank. Where is it?
Future is now!
Banks have run at a loss on many occasions so it wouldnt be a surprise they would attack Crypto markets. Personally feel they are threatened by the whole structure of crypto. People will never look at banks again for investment options. The last respectable savings I ever had off a bank was 5% in my young savers account back in the early 90's.
I also believe once the banls have helped push the price down they will be amongst the first to invest at the floor price.
Personal oppinion of course.
I feel like they just halt it like this just so they can figure out how they can profit off of it...basically trying to stop anything that doesn't make THEM money.
i hope others don't follow that trend of halting the trades related to cryptos