Metropolitan Commercial Bank has only $278.5 millions in crypto-related deposit left. This is according to a submission to the Securities and Exchange Commission.

The filing notes that “our previously announced exit from crypto related verticals is almost complete” and points out that the total core deposits of the company, excluding crypto customers, was $4.9 billion as at March 31, 2018.

Metropolitan Bank Holding, the parent company of New York’s Metropolitan Bank (MBH), , announced that it would be terminating its crypto-related services in January. This decision was made in response to recent industry developments and regulatory pressure. Former-crypto Exchange FTX collapsed shortly before the decision was made. Sam Bankman Fried, its founder, faces multiple fraud charges.

Metropolitan Bank served four crypto clients, which accounted for around 1.5% of its total revenue, or around $1 million, and 6% of its total deposits which amounted to $342 million, according to the firm’s Q3 2022 results.

After the spectacular failure three of the largest banks, Silvergate Bank Silicon Valley Bank Signature Bank, U.S. Banks have been reluctant to serve the crypto industry.

The crypto winter was blamed by another bank, Provident Bancorp, for the recent banking crises. In a shareholders’ letter dated 18 April, co-CEO Joe Reilly wrote: “The country has seen a series of events in the last few months that have shaken the foundations of banking.” They wrote that “these events followed a cryptocurrency crash that affected many businesses including those we supported with our digital asset lending initiative.”

The recent crisis has also left many crypto companies without a bank, and several firms are trying to move their offshore. Some domestic banks are also taking a more conservative approach to accepting newer clients who are exposed to digital assets.

Read more: Crypto is not to blame for the banking crisis

Aoyon A. Ashraf is the editor.