Octopus reduces the dependence on the signature bank for certain transactions

Octopus reduces the dependence on the signature bank for certain transactions

The cryptocurrency exchange Kraken leaves the signature bank for the processing of certain transaction types based on decisions by the bank company based in New York.

From now on non-corporate customers cannot deposit or withdraw dollars for octopuses via signature.

• As reported Bloomberg law On Wednesday, deposits with octopuses will be hired on March 15th until March 31st. Have time to withdraw from the company.
• The message comes according to Signature Bank warned in January that it would stop in January Processing of transactions worth less than $ 100,000. This rule was for both Binance and octopus.
• Signature announced in December that it would begin to reduce its commitment in the crypto industry, a month after FTX's bankruptcy triggered a rampant infection in the entire sector.
• One of these companies is Silvergate Bank, which suffered a bank in the weeks after the collapse of FTX. The company is examined of US supervisory authorities based on certain connections, which it had with both FTX and with its sister company Alameda Research.
• On Thursday, Silvergate noted that it could not publish his financial report planned for March 16. Its stocks have fell by 58 % on the day.
• Numerous crypto companies subsequently broken off the connections to Silvergate, including Paxos, Galaxy Digital, Gemini, Bitstamp and Circle.
• Mint-based and LedGerx also distanced themselves from the company and each replaced Silvergate with signature bank.

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