Vast Bank made the strategic decision to shutter its mobile crypto app and exit the scene after receiving an OCC consent order in October 2023.
Vast Bank, an entity claiming to be the first United States banking institution to allow its customers to buy, sell and hold cryptocurrencies “alongside a traditional checking account,” has shuttered its mobile crypto banking app and declared its intent to exit the cryptocurrency industry.
In an FAQ posted on the bank’s website, first spotted by American Banker, Vast Bank said it would be refunding any holders’ remaining crypto through liquidation:
Vast Bank entered the crypto industry in 2019 and had previously partnered with Coinbase and SAP on the company’s crypto-friendly mobile banking app in 2021. However, according to American Banker, the bank was issued a consent order from the Office of the Comptroller of the Currency in late 2023.
