Kraken, one of the world’s largest cryptocurrency exchanges, has announced that it will be unable to support ACH deposits and withdrawals via Silvergate starting from March 27th. This announcement was made in an email notice sent to Kraken users on March 22nd.
🚨 KRAKEN WILL “NO LONGER SUPPORT ACH DEPOSIT AND WITHDRAWALS” STARTING MARCH 27TH.— DIRTY BUBBLE MEDIA: GOOD LUCK, GOOD BYE. (@MikeBurgersburg) March 22, 2023
CHOKE CHOKE CHOKE pic.twitter.com/kKLpWi5oYi
Kraken has advised its users to look at other available funding options, such as MVB Bank for Fedwire deposits and withdrawals, and other instant purchase options, to ensure an uninterrupted funding experience. The firm has assured its users that no other services will be affected by this change, including ACH instant purchases via Online Banking.
Kraken had joined the Silvergate Exchange Network in 2019, which allowed the firm to offer deposits and withdrawals in U.S. dollars from Silvergate accounts. However, the bank collapsed in early March, posing major challenges for the cryptocurrency industry.
Kraken is not the only crypto exchange that has been forced to halt its ACH deposits and withdrawals via Silvergate. On March 2nd, the Winklevoss brothers-founded exchange Gemini also stopped accepting customer deposits and processing withdrawals through Silvergate ACH and wire transfers.
Kraken has stated that its team is working to make ACH funding available again as soon as possible, indicating that the firm is taking the necessary steps to address this issue promptly.
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