Moonstone Bank, a digital bank focused on serving high-net-worth individuals, has revealed that it is exiting the crypto space and will be refocusing on the "community bank" role.
In a Thursday press release, the bank said it is halting plans to develop banking services for innovative industries like crypto.
Moonstone cited the recent developments in the industry and the subsequent rise in regulatory scrutiny as the reason for its decision.
It said:"The change in strategy reflects the impact of recent events in the crypto assets industry and the resultant changing regulatory environment relating to crypto asset businesses."As part of this change, the bank will no longer use the name Moonstone Bank and will be rebranding and re-adopting the Farmington State Bank name, known in the local community for 135 years.Moonstone was reportedly acquired by Jean Chalopin, the Bahamas-based chairman of Deltec, another FTX banking partner in 2020.Read more on cryptonews.com