BankingBusinessCrypto

Vast Bank exits cryptocurrency market, closes crypto banking mobile app

  • Oklahoma-based Vast Bank has decided to exit the cryptocurrency market and shut down its crypto mobile banking app, launched in 2021.
  • The app allowed customers to buy, sell, and hold cryptocurrency through partnerships with SAP and Coinbase.
  • Despite initially claiming to be the first US bank to offer this service alongside traditional banking, the bank has now announced the removal of the Vast Crypto Mobile Banking application from Google and Apple.
  • The decision comes after a consent order from the Office of the Comptroller of the Currency (OCC) in October, citing unsafe or unsound practices and requiring the bank to address various issues.
  • Customers are advised to liquidate and close their accounts, with the closure effective from January 31, 2024.
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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