Vast Bank Shuts Down Its Crypto Banking App, Plans to Exit Crypto Space

Vast Bank, the self-proclaimed first U.S. banking institution to allow customers to buy, sell, and hold cryptocurrencies "in conjunction with a traditional checking account," has shut down its mobile crypto-banking app and announced its intention to exit the cryptocurrency industry. In an FAQ posted on the bank's website, Vast Bank said it would refund holders' remaining cryptocurrency through liquidation. The bank said, "In order to strategically realign our operations, effective 31 January 2024, we will be disabling and removing the Vast Crypto mobile banking apps for Google and Apple, which means that your Vast Crypto mobile banking account, including any digital assets held in trust, will be liquidated and closed. " Vast Bank is said to enter the crypto industry in 2019, having previously partnered with Coinbase and SAP to develop the company's crypto-friendly mobile banking app in 2021.