Popular cryptocurrency exchange Kraken is experiencing difficulties with the Automated Clearing House (ACH)-related deposit and withdrawal channel through Silvergate.
Apparently, Kraken has notified its users that it will not be able to allow deposits and withdrawals via automated clearing house from March 27. According to various online rumors from alleged Kraken users, the exchange sent out an email notification with the announcement on March 22.
In the statement, Kraken specified that users would no longer see a deposit option through Plaid or a withdrawal option through the Silvergate automated clearinghouse effective March 27. “No other services will be affected by this change, including ACH instant purchases through Online Banking,” the firm noted.
Kraken has advised users to check out the other options available to ensure a seamless funding experience, including MVB Bank for Fedwire deposits and withdrawals, and other instant purchase options.
“Our team is working to make clearinghouse funding available again as soon as possible,” declared Kraken.
KRAKEN WILL “NO LONGER SUPPORT ACH DEPOSIT AND WITHDRAWALS” STARTING MARCH 27TH.
CHOKE CHOKE CHOKE pic.twitter.com/kKLpWi5oYi
— DIRTY BUBBLE MEDIA: BYE BYE BYE (@MikeBurgersburg) March 22, 2023
Silvergate is one of the US banks in favor of cryptocurrencies that collapsed in early March along with other lenders like Silicon Valley Bank. The events have posed great challenges for the cryptocurrency industry, as many cryptocurrency companies have significant exposure to both banks.
Today, Kraken is one of the largest cryptocurrency exchanges in the world, trading over a billion dollars a day, according to CoinGecko data. In 2019, Kraken joined the Silvergate Exchange Networkwhich allowed the firm to offer deposits and withdrawals in US dollars from Silvergate accounts.
Kraken is not the only exchange that has been forced to suspend its deposits and withdrawals via the Silvergate clearinghouse. On March 2, Gemini, founded by the Winklevoss brothers, also stopped accepting customer deposits and withdrawals through Silvergate clearinghouse and bank accounts.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.