Deutsche Bank has said it will stop supporting bitcoin.
The bank’s chief executive officer said the currency is “unacceptable” and the bank will not be able to meet customer demands for bitcoin.
But he said it’s important to keep bitcoin in its place, saying it’s an “innovative technology that has proven to be a useful and important part of the financial system.”
The move comes amid heightened scrutiny of the technology as regulators and lawmakers around the world grapple with the growing use of cryptocurrencies.
Bitcoin was the first currency to be formally designated as a commodity under the U.S. Securities and Exchange Commission.
The commission said it has opened an investigation into the matter, and will issue a report in the next few weeks.
Bitcoin has risen more than 70% since January, and it’s become the second-biggest digital currency after the cryptocurrency Ethereum.
It’s not clear what effect the bank’s move will have on the wider bitcoin ecosystem, which has more than $6 billion in trading volume.
Deutsche Bank, one of the world’s largest banks, has said in the past that bitcoin is not a financial product.