Altcoin News: Metropolitan Bank Has Announced That It Has Closed Tether Accounts After 5 Months of Service

July 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Metropolitan Commercial Bank serviced the accounts of the issuer of the stablecoin Tether and its related companies for less than six months, after which they closed them, CoinDesk writes with reference to a statement by the bank spokesman.

The New York City Prosecutor’s Office, pursuing Tether and its affiliate Biftinex, earlier this week stated that Tether was the holder of accounts at Metropolitan Bank and Signature Bank, two cryptocurrency-oriented banks registered in the state. Thus, the prosecutor’s office tried to show that it has the legal authority to organize an investigation against companies.

A spokesman for the bank, however, said that their relationship with Tether, iFinex and Digfinex was short, and the activity on all accounts controlled by them was minimal.

“Metropolitan Commercial Bank had limited, corporate operating accounts with Tether Holdings LTD, iFinex Inc, and Digfinex Inc, all with negligible activity, and requested the accounts to be closed after less than 5 months of the accounts being opened”, he said, adding that the initiative to close the accounts came from the bank, and not from customers.

The representative of Signature Bank declined to comment on the situation.

Until July 22, Bitfinex, Tether, and related persons can respond to the latest petition of the prosecutor’s office. The next hearing is scheduled for July 29th.

Author: Marko Vidrih