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Kraken Pulling Back From Using Signature Bank: Bloomberg
Non-corporate clients will no longer be able to make dollar deposits or withdrawals using the crypto-focused bank, according to a report.
By Nelson Wang
Updated May 9, 2023, 4:09 a.m. Published Mar 1, 2023, 7:40 p.m.
Crypto exchange Kraken is pulling back from using crypto-focused bank Signature Bank for some significant financial transactions, according to a report from Bloomberg, in the latest move away from a specific bank by a crypto exchange.
Non-corporate clients of Kraken will no longer be able to make dollar deposits or withdrawals using Signature, according to an email seen by Bloomberg that was sent to customers on Wednesday. Deposits will be phased out on March 15, while withdrawals will end on March 30.
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In its email to users, Kraken said the move was made due to changes by Signature, according to Bloomberg. In an email to CoinDesk, Signature noted that it had previously stated as of Feb. 1, it would no longer support any of its crypto exchange customers in buying and selling amounts of less than $100,000. Signature said in December that it would be reducing its exposure to the crypto sector, although not eliminating it entirely.
A Kraken spokesperson told CoinDesk via email that "Kraken maintains a number of different funding methods to ensure clients can always deposit and withdraw from their account. Consumers still have access to a range of payment methods through our other partners."
Earlier this week, crypto derivatives trading platform LedgerX reportedly said it would no longer use Silvergate Bank to receive domestic wire transfers and instead use Signature Bank.
UPDATE (March 1, 22:08): Added comment from Signature.
UPDATE (March 3, 13:42): Added comment from Kraken.
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