Kraken, one of the leading cryptocurrency exchanges, has announced that it will temporarily suspend ACH withdrawals and deposits via Silvergate, its partner bank. This move has surprised many Kraken users who were relying on this payment channel for their funding needs.
The company had joined the Silvergate Exchange Network in 2019 to provide its customers with a reliable payment infrastructure. However, due to unforeseen circumstances, Kraken is now looking for new ACH funding options.
Kraken users received an email notice on March 22, informing them that the ACH deposit and withdrawal options via Plaid and Silvergate will no longer be available starting from March 27. The exchange emphasized that this change will not affect any other services, including ACH instant purchases via Online Banking.
Company officials have suggested that its users consider using other available funding options to ensure an uninterrupted funding experience. These options include Fedwire deposits and withdrawals via MVB Bank and other instant purchase options.
Kraken has assured its customers that its team is working tirelessly to make ACH funding available again as soon as possible. This move indicates that Kraken is committed to providing its users with a seamless funding experience.
Silvergate is a crypto-friendly bank that collapsed in early March, along with other lenders like Silicon Valley Bank. It has posed significant challenges for the cryptocurrency industry, as many crypto firms are exposed to these banks.
Kraken is not the only crypto exchange forced to halt its ACH deposits and withdrawals via Silvergate. For example, Gemini also stopped accepting customer deposits and processing withdrawals through Silvergate ACH and wire transfers on March 2.
The exchange is committed to providing its users with uninterrupted funding options and is working to make ACH funding available again as soon as possible. Its proactive approach towards this issue shows that the exchange is dedicated to providing its users with the best possible experience.
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