Tulsa, Oklahoma: In an unexpected turn of events, Vast Bank, which made headlines in 2019 as the first U.S. bank to integrate cryptocurrency services, has announced its departure from the crypto market. A recent statement on the bank’s official website confirmed the discontinuation of its Vast Crypto Mobile Banking application, signaling a significant shift in its operational strategy.

End of an Era for Vast Bank’s Crypto Services

The pioneering financial institution will be removing its crypto services application from the Google and Apple app stores effective January 31st, 2024. Clients have been notified that their Vast Crypto Mobile Banking accounts and any digital assets in custody will be liquidated and the accounts closed as a result of this decision.

A Look Back at Vast Bank’s Crypto Journey

Vast Bank became a trailblazer by offering cryptocurrency transaction capabilities to its clients directly through its banking services. This move was made possible after obtaining federal authorization, making it the first bank in the U.S. to do so. Their innovative Crypto Banking service was a bold step towards integrating digital assets into traditional banking systems.

Speculations on the Sudden Exit

While the official reasons behind Vast Bank’s withdrawal from the crypto industry remain undisclosed, reports from American Banker suggest potential pressure from regulatory bodies such as the U.S. Office of the Comptroller of the Currency (OCC). The bank’s decision reflects the complex and evolving relationship between financial institutions and the burgeoning world of cryptocurrencies.