- Clients have a deadline to withdraw deposits using this method until the end of March
- The reason was a change in the rules of Signature Bank
Exchange Kraken stops almost all types of transfers through Signature Bank cryptobank. This was first reported by Bloomberg journalists. Later, representatives of Kraken confirmed the information.
So, from March 15, non-corporate clients will not be able to make their dollar deposits through this bank. Withdrawals will become impossible from March 30th. This rule does not apply to corporate clients (that is, large firms).
In a letter to Kraken customers, they explain that the reason was a change in Signature’s work policy. In December, the bank announced plans to reduce its cooperation with crypto companies. But at the same time, they do not stop operations completely. Signature agree to service transfers in large amounts (according to some sources, from $100,000).
On February 8, Binance was forced to suspend dollar bank transfers for non-US customers. The reason was that Signature tightened the conditions – they left only large operations. Now the exchange is looking for a new partner.
In addition, Signature Bank has new problems. In the US, a lawsuit is being prepared against them for cooperation with FTX. Former partners accuse them of facilitating fraud.
Meanwhile, crypto derivatives exchange LedgerX is shutting down internal wire transfers through Silvergrate Bank. Instead, they will use a new partner, Signature Bank.
