Metropolitan Bank Denies Ceasing Cryptocurrency-Related International Wires

Various Reports State the ‘Bitcoin Bank’ 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 “ceasing all international crypto-related wire transfers to and from.” Many cryptocurrency proponents thought that debit cards produced by Bitpay or Coinbase would have issues because they use Metropolitan Bank.

Metropolitan Bank Responds to Erroneous Statements

On January 16:th the bank responded to “erroneous statements contained in articles that have recently appeared in some online publications” and stated that the company’s policies have not changed.

“As a matter of policy, the bank does not accept cryptocurrency-related wire transfers from non-U.S. entities,” explains Metropolitan executive Edward Nebb. “This is a long-standing policy of the bank and remains in effect today — Last week, the bank sent out a reminder to customers of its policy against accepting cryptocurrency-related wire transfers from non-U.S. entities.”

This reminder to customers is not a new policy for the bank and was not due to, nor did the bank experience, any “incident of international fraud.” The bank’s 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 Bitpay’s 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.

Comments

Real Cryptos Reside on Your Cellphone

The internet was born on desktop devices but it now resides in our pockets – or more often our palms, since we rarely stop using our mobile devices long enough these days to put them away. When Satoshi published his white paper in October 2008, desktop was still the preferred means of doing business on the web, but all that was about to change. 14 months earlier, Steve Jobs had unveiled the iPhone, ushering in the stirrings of what would become the mobile revolution. Meanwhile, Satoshi was quietly getting on with his own cryptocurrency revolution. By late 2010, Satoshi had checked out, but the seed he had sown was sprouting into a digital money tree that was growing fast. By 2016, mobile web usage outstripped desktop usage, and the crypto economy, which had stagnated for the last two years, exploded into life. Suddenly everyone was releasing coins and tokens, many of which were mobile-oriented, and everyone was tweeting, Snapchatting and vlogging about crypto. There was just one p...

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili...

New National Minimum wage report to be submitted next week.

By Johnbosco Agbakwuru ABUJA— BARING any last minutes change, the tripartite committee approved by the Federal Government to review the minimum wage will submit its report this week. Although the committee was supposed to present its report last month, the public holidays to mark Eid-el-Kabir affected the date. It was gathered that the committee met, yesterday, at Trsnscorp Hilton, Abuja and a highly placed source privy to the meeting said that the organised labour was pressing that the report be concluded today. The source, who spoke on condition of anonymity, said that though the government representatives had requested for more time, labour felt the report of the committee had been delayed for too long. “We are pressing that the report is made ready today. We are supposed to conclude everything about the report in August but the Sallah holiday affected the planned date. Though the government representatives have requested for more time, we feel that ...

MarcFarms™

Search This Blog