Kraken to Suspend ACH Deposits and Withdrawals Following Silvergate Shutdown
The exchange says no other services will be affected by this change.
Mar 22, 2023 at 9:11 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LSMSV2Q4UZEXZKFDQJ7TILG2QM.jpg)
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Crypto exchange Kraken will suspend automated clearinghouse (ACH) deposits and withdrawals starting March 27, with the company looking for a new banking partner following the failure of Silvergate Bank.
ACH transfers are the primary system for electronic payments made to and from banks.
“As of March 27, 2023, Kraken clients will no longer be able to use ACH deposits and withdrawals through Silvergate,” the company told CoinDesk in an email. “We are working to make ACH funding options available through alternative funding providers as soon as possible and will communicate details with clients as soon as we can.”
No other services will be affected by this change, Kraken said. The exchange plans to resume ACH deposits and withdrawals as soon as it finds alternative funding providers.
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Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.