Kraken cryptocurrency exchange to withdraw major financial transactions from Signature Bank

03/02/2023 21:37 • Blockchain Buzz • 152 views

According to a Bloomberg report, Kraken, the cryptocurrency exchange, is withdrawing from using Signature Bank for some major financial transactions. According to an email sent by Bloomberg to customers on Wednesday, Kraken’s non-corporate customers will no longer be able to use Signature to deposit or withdraw dollars. The deposit will be gradually cancelled on March 15 and the withdrawal will end on March 30.

Bloomberg: Kraken quits using Signature Bank

Interpret the above information:

Kraken, a cryptocurrency exchange, is withdrawing from using Signature Bank for some major financial transactions, according to a Bloomberg report. The move means that Kraken’s non-corporate customers will no longer be able to use Signature to deposit or withdraw dollars. The deposit will be gradually cancelled on March 15 and the withdrawal will end on March 30.

The reason for the decision is not clear, but it could be due to the increasing regulatory pressure on cryptocurrency exchanges. Kraken may have decided to move away from Signature Bank to avoid any regulatory issues that may arise in the future. It is also possible that Kraken has found a more cost-effective way to handle its financial transactions.

This move is not expected to affect Kraken’s corporate customers, who will still be able to use Signature Bank for their financial transactions. However, it may have an impact on non-corporate customers who are used to using Signature Bank for their transactions. These customers may have to find alternative methods to deposit or withdraw dollars.

Kraken is one of the largest and most well-known cryptocurrency exchanges in the world. It is based in San Francisco and has a strong reputation for providing a wide range of trading pairs and a high level of security. The exchange has been in operation since 2011 and has grown rapidly in recent years.

In conclusion, Kraken’s decision to withdraw from using Signature Bank for some major financial transactions may be due to regulatory pressure or a desire to find a more cost-effective way to handle its financial transactions. It is not expected to have a significant impact on Kraken’s corporate customers, but it may affect its non-corporate customers who will need to find alternative methods to conduct their transactions.

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Kraken cryptocurrency exchange to withdraw major financial transactions from Signature Bank

Bloomberg: Kraken quits using Signature Bank

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