Kraken to Halt ACH Deposits and Withdrawals

Following the collapse of Silvergate Bank, Kraken, one of the largest crypto exchanges in the world, announced that it would suspend automated clearing house (ACH) deposits and withdrawals from March 27.

ACH is an electronic payment medium used in the US and some selected regions for sending money between bank accounts directly. 

As of that date, Kraken clients can not leverage ACH deposits and withdrawals through Silvergate. Currently, the crypto exchange is seeking a new banking partner in order to resume ACH deposits and withdrawals as soon as possible.

"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," said the company.

Kraken noted that no other services would be affected by this change.

Last month, Fazzaco reported that Kraken’s two entities have agreed to immediately cease offering or selling securities through crypto asset staking services or staking programs and pay $30 million in disgorgement, prejudgment interest, and civil penalties to settle with the US Securities and Exchange Commission​ (SEC). SEC charged the two entities, Payward Ventures, Inc. and Payward Trading Ltd., with failing to register the offer and sale of their crypto asset staking-as-a-service program.