Coinbase will suspend ACH deposits and withdrawals on its platform.
The decision comes following the collapse of the Silvergage Bank.
Kraken To Halt ACH Deposits And Withdrawals
Crypto exchange Kraken announced a few hours ago that it would be suspending automated clearinghouse (ACH) deposits and withdrawals starting March 27.
This latest development comes following the collapse of Silvergate Bank, its major banking partner. As a result of this, Kraken added that it is currently looking for a new banking partner to allow it to accept ACH deposits and withdrawals once again.
The crypto exchange told CoinDesk that;
“As of March 27, 2023, Kraken clients will no longer be able to use ACH deposits and withdrawals through Silvergate. 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.”
The cryptocurrency exchange added that no other services would be affected by this change. However, Kraken intends to resume ACH deposits and withdrawals once it finds another banking partner.
Silvergate Bank is a crypto-friendly bank that liquidated earlier this month, joining the likes of Signature Bank and the Silicon Valley Bank in collapsing in recent weeks.