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Finance

Kraken to Suspend ACH Deposits and Withdrawals Following Silvergate Shutdown

The exchange says no other services will be affected by this change.

By Helene Braun
AccessTimeIconMar 22, 2023 at 9:11 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
(PiggyBank/Unsplash)
(PiggyBank/Unsplash)

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.

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    • “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.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Helene Braun
    Helene Braun

    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.

    Follow @HeleneBraunn on Twitter
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