Kraken, a well-known cryptocurrency exchange, will stop supporting automated clearinghouse (ACH) deposits and withdrawals from March 27, 2023.
Kraken received many reports from users that they were having difficulties with the withdrawal and deposit channel related to the automated clearing house (ACH) facilitated by Silvergate. As a result, Kraken notified its users and sent an email notice with the announcement on March 22.
However, this change will not affect any other services, including ACH instant purchases via Online Banking.
Kraken suggested that users should explore other funding options, including MVB Bank for Fedwire deposits and withdrawals, and other instant purchase options, to avoid any disruption in their funding experience.
The exchange is also looking into alternative funding providers to provide ACH functions and will communicate the details with clients soon. Despite this change, Kraken has assured users that all other services will remain unaffected.
In early March, Silvergate, a crypto-friendly U.S. bank, collapsed along with other banks such as Silicon Valley Bank, and Signature Bank. This has created significant challenges for the cryptocurrency industry because many crypto companies have a significant exposure to these banks.
Also Read: SVB Financial Group Files For Bankruptcy Amid Large Debt
