American Vast Bank, the first bank in the US to offer its customers the tools to handle cryptocurrencies, has decided to exit the crypto industry.
Information about this was published on the credit institution's website. Due to its refusal to handle cryptocurrencies, the Vastbank team has shut down its mobile application for bank customers to conduct transactions with digital assets.
“In order to strategically adjust our operations, starting Wednesday, January 31, 2024, we will be deactivating and removing the Vast Crypto Mobile Banking application from Google and Apple. This means your Vast Crypto Mobile Banking account Management will be liquidated and closed down.”
Vastobank statement
Financial institutions provided users with tools to handle virtual currencies in 2019. Vast Bank may refuse to handle digital assets due to pressure from the Office of the Comptroller of the Currency (OCC), according to American Banker.
In September 2021, it was reported that Vastbank became the first commercial bank to offer crypto trading opportunities to its customers. The Tulsa, Oklahoma-based bank has announced the launch of a new cryptocurrency banking service. Vast Bank became the first federally chartered bank in the United States to offer the ability to buy, sell, and store cryptocurrencies directly using the bank.
