Kraken Suspends ACH Deposits and Withdrawals on Cryptocurrency Trading Platform

03/23/2023 22:54 • Tech Ticker • 136 views

According to reports, Coindesk: The cryptocurrency trading platform Kraken suspended all deposits and withdrawals at ACH (Automated Clearing Center).

Kraken suspends deposits and withdrawals from ACH

Kraken, one of the leading cryptocurrency trading platforms, has suspended all deposits and withdrawals at Automated Clearing House (ACH) according to reports from Coindesk. This decision has come as a result of ongoing issues related to transaction processing and settlements.

What is Kraken?

Kraken was founded in 2011 and is now one of the oldest and most established cryptocurrency exchanges in the world. They provide a secure and easy-to-use platform that allows users to buy and sell cryptocurrencies with ease. Kraken also offers a range of features including margin trading, high liquidity, and advanced order types to further enhance the trading experience for users.

Kraken’s Decision to Suspend ACH Deposits and Withdrawals

Over the years, Kraken has experienced various issues with its payment processor when it comes to processing ACH transactions. This has led to delayed processing times and in some cases, funds not reflecting in a user’s account despite confirmation of a successful deposit. Due to these ongoing issues, Kraken has decided to suspend all ACH deposits and withdrawals on its platform.
In a statement released by Kraken, they stated that this decision will only affect US-based customers who have selected ACH as their deposit and withdrawal method. They also assured their users that their current ACH deposits and withdrawals will be processed despite the suspension.

The Impact on Kraken Users

The suspension of ACH deposits and withdrawals has affected Kraken users who rely on this payment method to fund their accounts or withdraw their funds. However, Kraken has highlighted alternative payment methods such as wire transfer and Fedwire that are still available on their platform. Additionally, they have promised to update their users on the progress being made to resolve the ACH issue.

Conclusion

Kraken’s decision to suspend ACH deposits and withdrawals is an attempt to protect its users from the ongoing issues experienced with its payment processor. While this may cause some inconvenience to US-based Kraken users who rely on ACH deposits and withdrawals, the platform has assured its users that alternative payment methods are still available.

FAQs

#1. Can users still withdraw funds using alternative payment methods?

Yes, users can still withdraw funds on Kraken using alternative payment methods such as wire transfer and Fedwire.

#2. When will the suspension of ACH deposits and withdrawals be lifted?

Kraken has not provided a specific date for when the suspension will be lifted. However, they have promised to update their users on the progress being made to resolve the ACH issue.

#3. Is Kraken still a safe platform to use despite the suspension of ACH deposits and withdrawals?

Yes, Kraken is still considered a safe and established cryptocurrency trading platform despite the suspension of ACH deposits and withdrawals. The platform offers a high level of security and user protection to ensure the safety of its users’ funds.

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