The Kraken sent a letter to its customers informing about closing the accounts for in the Japanese bank SMBC. The decision comes into force on March 21.
While this is a disappointing development, we are dedicating further resources to our banking relationships and the implementation of new funding methods. We will reach out to you again when we have further details to share.
All deposits received on these accounts before March 20, will be processed by the exchange. Starting from March 21, deposits will be returned to the sender's account. The withdrawal of funds through SWIFT in USD, EUR, GBP and JPY will be available until March 27. After that, all funds will be returned to the users' accounts on the exchange.
The exchange does not explain what exactly this decision is caused, and promises to direct efforts to establish new ties with banks, as well as to develop new methods of account refill.