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?
I think It's a ugly stance metropolitan Bank's directly made on. But we also have lot trouble. But fortunately other banks not make stance against cryptos. Maybe Banks automatically change to cryptocurrencies since normal cash & cheques. If will do we have more opportunities.
Future is now!
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.
Unfortunately I think that scenarios like this are inevitable. Cryptocurrencies are causing serious disruption in so many industries that big corporations and banks are really worrying.
While this is technically good news for cryptos, it is also bad - a lot of these entities will shy away from cryptocurrencies due to a fear of regulation implementations and a fear that they will be hit hard if the market tanks.
That being said, I highly doubt that this will damage the cryptocurrency market in the long run - there will be more open and eager companies looking to reap the benefits of the blockchain and cryptocurrencies!