Metropolitan Commercial Bank, which was one of the first to enter the nascent market for digital assets, has issued a statement about withdrawal from all processes related to cryptocurrency. The bank made this decision due to changes in the regulatory environment, writes Business Insider.

Metropolitan Commercial Bank was one of the first traditional financial institutions to begin serving the nascent crypto space, and one of its initiatives included a cryptocurrency debit card issued in 2018.

The New York-based bank with about $6.4 billion in assets cited “recent developments” in the crypto industry as well as a changing regulatory environment as reasons for its decision to exit the business.

“Today’s announcement of our exit from cryptocurrency-related assets represents the culmination of a process that began in 2017,” Mark DeFazio, president and CEO of Metropolitan Commercial Bank.

The bank has no cryptocurrencies on its balance sheet and no outstanding cryptocurrency-related customer loans. That said, the financial impact of such a move should be minimal, according to Metropolitan Commercial Bank’s management. It has 4 active cryptocurrency-related customers, which account for approximately 1.5% of total revenue and 6% of all deposits.