American Vast Bank Ceases Crypto Operations Amid Regulatory Pressure

American Vast Bank, the pioneer in offering cryptocurrency tools to clients in the United States, has made the decision to exit the crypto industry. The announcement, posted on the bank’s website, revealed the closure of the mobile application that facilitated transactions with digital assets for clients. Effective January 31st, 2024, the Vast Crypto Mobile Banking application will be disabled and removed from app stores, resulting in the liquidation and closure of clients’ accounts and any held digital assets.

The decision to exit the crypto industry comes amidst reported pressure from the U.S. Office of the Comptroller of the Currency (OCC). This move marks a significant shift from Vast Bank’s pioneering position in 2019 when it first offered cryptocurrency services. The regulatory landscape surrounding cryptocurrencies in the United States continues to evolve, impacting the strategies of financial institutions operating in the space. (Source