Metropolitan Commercial Bank stated on January 16 that mass media reports that the bank has moved to halt international wires related to cryptocurrencies are “erroneous statements”.
The statement comes two days after Fortune's report that the bank had ceased international wire transfers related to cryptocurrencies because it was unable to verify that overseas banks complied with certain rules or regulations.
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 Metropolitan Bank statement
The bank added that 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.