Kraken Suspends ACH Deposits and Withdrawals

Following the collapse of Silvergate Bank, Kraken, one of the world's largest crypto exchanges, announced the suspension of Automated Clearing House (ACH) deposit and withdrawal services as of March 27.

ACH is an electronic payment medium used for direct transfers between bank accounts in the U.S. and in some regions.

As of today, Kraken customers are not be able to leverage ACH deposits and withdrawals through Silvergate.

Kraken is looking for a new banking partner to resume the service as soon as possible.

The company said, "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."

Kraken also said the company's other services are not affected by the change.

Last month, BrokersView reported that U.S. Securities and Exchange Commission (SEC) charged Kraken with offering and selling a crypto asset staking-as-a-service program without registration. Both Kraken-related companies agreed to cease offering or selling securities through crypto asset staking or staking services, along with $30 million in disgorgement, prejudgment interest and civil penalties.