The first crypto bank in the history of the United States has officially left the cryptocurrency market
The American West Bank, which became the first US bank with a certificate from the Federal Deposit Insurance Corporation (FDIC), announced the termination of operations with digital assets.
The administration of the credit and financial institution has notified customers that in the near future their cryptocurrency accounts will be canceled and digital assets will be sold. At the same time, Vast Bank is not going to accept applications and process transactions for the transfer of crypto assets to another custodial storage platform or a digital trading platform. According to the bank's statement, the cryptocurrency assets will be cashed out, and the proceeds from the sale will be transferred to the owners via a cash receipt.
Vast Bank previously disabled and deleted its mobile banking application, which allows you to make cryptocurrency transactions.
Vast Bank explains the decision by pressure from the US Office of Foreign Exchange Control (OCC). In accordance with the order of the financial market regulator, Vast Bank is obliged to achieve a total capital ratio of at least 13% and a leverage ratio of at least 10% in the next 60 days. As of December 31, 2023, Vast Bank's total capital ratio was 4.75% and its leverage ratio was 2.46%. Vast Bank launched its crypto banking services in 2021 and allowed customers to freely store and exchange digital assets.
Source: https://bits.media/pervyy-v-istorii-ssha-kriptobank-ofitsialno-pokinul-rynok-kriptovalyut/
