Share this article
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
Meer voor jou
Wat u moet weten:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Meer voor jou
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
Wat u moet weten:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
