Giant Cryptocurrency Exchange Ends Its Agreement With Signature Bank!

According to Bloomberg’s report, the cryptocurrency exchange Krakencrypto focused bank for some important financial transactions Signature Bank refused to use it.

Cryptocurrency Exchange Kraken Relinquishes Signature Bank

Non-institutional customers will no longer be able to deposit or withdraw dollars using the cryptocurrency-focused bank.

Kraken’s non-enterprise customers will no longer be able to deposit or withdraw dollars using Signature, according to an email sent by Kraken to their customers today. Deposits will be phased out on March 15 and withdrawals on March 30.

According to Bloomberg, Kraken said in an email to users that the move was made due to changes made by Signature.

Neither Kraken nor Signature responded to requests for comment. Earlier this week, crypto futures platform LedgerX announced that it will no longer use Silvergate Bank to receive domestic wire transfers and will instead use Signature Bank.

Signature said in December that it would reduce its interest in the crypto industry, if not completely eliminate it.

As the crypto industry continues to grow and mature, we are likely to see more such shifts in banking relationships and partnerships.

Kraken’s decision to distance itself from Signature Bank is the latest example of a broader trend towards diversifying banking relationships in the crypto industry.

As the industry continues to evolve and mature, we are likely to see more such shifts as companies seek to reduce their risk and maintain their flexibility in response to changing market conditions and regulatory requirements.

*Not investment advice.