Kraken will stop accepting SWIFT deposits due to closure …

Kraken will stop accepting deposits via SWIFT due to closure of account with SMBC bank

Cryptocurrency exchange Kraken sent out his clients Letter to the which reported about closing accounts for replenishment of accounts in the Japanese bank SMBC. Decision comes into force on March 21.

“We are forced to inform you that due to various circumstances, we are closing the following SWIFT accounts, as well as our internal accounts for replenishment in JPY through the Japanese bank SMBC. Please note that SEPA accounts for EUR top-ups will not be affected. Cryptocurrency replenishment will work as usual. The following invoices will be closed March 21″.

Kraken will stop accepting SWIFT deposits due to closure ...

All deposits received on these accounts before March 20 will be processed exchange. From March 21st, deposits will be returned to the sender’s account. Withdraw funds via SWIFT in USD, EUR, GBP and JPY will be available until March 27. After of this everything funds will be return to accounts users on exchange.

The exchange does not explain, than this is the reason for this decision, and promises to direct efforts to establish new connections with banks, as well as the development of new methods of account replenishment.

SMBC (Sumitomo Mitsui Financial Group) was founded in 1876 year and is an one of the oldest banks in Japan. how notes AMB Crypto portal, significant share transactions exchanges Kraken accounted for on this bank.

Reddit users suggest that the initiative could have come from both Kraken and with by the bank itself or by Japanese regulators.

“I don’t know, trying whether Kraken to protect itself in the light of events with Coincheck, or the same Japan suddenly decided to distance itself from cryptocurrencies“, – writes cryptocurrency investor Junko Tanaka.