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.
Previous article
AR glasses with multimodal AI nets funding from Pokémon GO creator
Next article
India’s Tata Consultancy Services reportedly in the race to run UK’s Faster Payments service
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.

You May Also Like

FinTech

NYSE Parent Invests $600M in Polymarket, Strengthening Market Position

This significant investment signals confidence in the future of predictive markets.Highlights: NYSE's parent company allocates $600M to Polymarket.Investment...
FinTech

Nexi Expands SEPA Direct Debit with Danish Banks, Enhancing Payments Integration

Nexi's collaboration with Danish banks aims to strengthen payment services across Europe.Highlights: Nexi partners with several Danish banks...
FinTech

Lloyds Confirms App Glitch Exposed Data of Almost Half a Million Customers

The significant data breach prompts concerns over customer privacy.Highlights: Lloyds Banking Group admits to a data breach affecting...
FinTech

Mastercard Restricts Sale of Nets Payments Unit Purchased for $3.2 Billion

Mastercard looks to divest its Nets payments segment as part of strategic realignment.Highlights: Mastercard is seeking to sell...