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.

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