Customers Bank Ends Services For Some Crypto Hedge Funds
Portfolio Pulse from Khyathi Dalal
Customers Bank, owned by Customers Bancorp (NYSE:CUBI), has ceased providing banking services to certain crypto hedge funds, targeting inactive accounts. This move highlights the ongoing challenges for crypto companies in accessing the U.S. dollar banking system, especially after the collapse of Silvergate Bank and Signature Bank.
June 07, 2024 | 5:49 pm
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Customers Bancorp (NYSE:CUBI) has stopped providing banking services to certain crypto hedge funds, focusing on inactive accounts. This decision reflects the bank's strategy to limit its exposure to the crypto sector.
The decision to halt services for certain crypto hedge funds may lead to a short-term negative impact on CUBI's stock price due to potential concerns about the bank's exposure to the crypto sector and the broader challenges faced by crypto companies in accessing banking services.
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