Cryptocurrency Exchange Kraken Forced to Halt ACH Deposits and Withdrawals via Silvergate

It is important to note that recently, Silvergate bank, known for its cryptocurrency-friendly services, collapsed along with other lenders, such as Silicon Valley Bank, posing significant challenges for the crypto industry.

Many crypto firms have considerable exposure to these banks, including Kraken, one of the largest cryptocurrency exchanges in the world.

According to CoinGecko data, Kraken handles over $1 billion in daily trades.

In 2019, Kraken joined the Silvergate Exchange Network, which allowed the exchange to provide its customers with U.S. dollar deposits and withdrawals from Silvergate accounts. However, Kraken is not the only exchange that has been forced to cease its ACH deposits and withdrawals via Silvergate.

On March 2, Gemini, the exchange founded by the Winklevoss brothers, also stopped accepting customer deposits and processing withdrawals via Silvergate ACH and wire transfers.