Metropolitan Bank no longer collaborates with Coinbase
Metropolitan Bank Holding Corporation does not want to engage with Coinbase any longer, as reported by the major financial media. Unnamed sources tell the decision is connected to legal matters, namely, the compliance of cross-border payments and transfers. Another reason: one of the clients of the bank has been caught conducting illegal financial activities. Quite possibly, such activities were connected with cryptocurrency as a means of money laundering and hiding illicit finance in a foreign jurisdiction.
This decision can affect the work of Coinbase, and, even more importantly, the price of cryptocurrencies which still react even to big rumors, just like securities on the market at the beginning of the 20th century. Cryptocurrencies listed on Coinbase are: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Currently (22 hours after initial reports on the decision of Metropolitan), the market does not experience a big downfall. Bitcoin Cash has the biggest price decline of the cryptocurrencies mentioned above in 24 hours, as seen on Coinmarketcap (-4.41%). With digital currencies easily falling by tens of percents in an instant, this cannot be called a market panic.
Anyway, there are still other banks to use, and as one can witness, no big market dips occurred after it became known Metropolitan decided to disengage from cryptocurrency operations connected with Coinbase.
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