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Kraken to suspend Plaid withdrawals and deposits via ACH Silvergate

March 23, 2023No Comments


Major cryptocurrency exchange Kraken is experiencing difficulties with the Automated Clearing House (ACH)-related deposit and withdrawal channel through Silvergate.

Kraken has reportedly notified its users that it will not be able to support ACH deposits and withdrawals starting March 27. According to various online reports from suspected Kraken users, Kraken sent out an email tip with the announcement on March 22.

In the statement, Kraken specified that users would no longer see a deposit option via Plaid or a withdrawal option via ACH Silvergate starting March 27. โ€œNo other services will be affected by this change, including ACH instant purchases through Online Banking,โ€ the firm said. noted.

Kraken has advised users to look into other available funding options to ensure a seamless funding experience, including MVB Bank for Fedwire deposits and withdrawals, and other instant purchase options.

โ€œOur team is working to make ACH funds available again as soon as possible,โ€ Kraken stated.

Silvergate is one of the US crypto banks that collapsed in early March along with other lenders like Silicon Valley Bank. The events have posed great challenges for the cryptocurrency industry because many cryptocurrency companies have significant exposure to banks.

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Kraken is one of the largest cryptocurrency exchanges in the world at the time of writing, making over $1 billion a day. according to CoinGecko data. In 2019, Kraken joined the Silvergate exchange networkwhich allowed the firm to offer deposits and withdrawals in US dollars from Silvergate accounts.

Kraken is not the only crypto exchange forced to stop its ACH deposits and withdrawals through Silvergate. On March 2, the Winklevoss brothers founded the exchange Gemini also stopped accepting customer deposits and withdrawals processing through Silvergate ACH and wire transfers.

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