Metropolitan Bank Holding Corp. has announced that it is closing the part of its business that catered to crypto firms, raising concerns for crypto investors as mainstream finance institutions continue to distance themselves from the industry.

In its announcement, the company, which is the parent of Metropolitan Commercial Bank, cited recent industry developments and the regulatory environment as the reason for the move.

The bank stated that it would wind down business with existing customers this year, which would have a minimal financial impact on the bank itself but could have a greater impact on the crypto indust