Heads up: Kraken will be disabling Euro SEPA transactions through Fidor Bank in mid 2023

in #crypto6 months ago

Here's Kraken's notice:


Kraken aims to discontinue EUR withdrawals via Fidor Bank latest by mid-2023. We will be taking a gradual approach in removing this option and will communicate with you in a timely manner when we will no longer be able to process your deposits and withdrawals via Fidor Bank. To ensure uninterrupted funding, we strongly encourage you to start using other EUR deposit and EUR withdrawal methods available on your account, and adding your preferred withdrawal address for them now.

Digging a little, Fidor got taken over by a French bank (Groupe BPCE), and the parent company has now decided it's not a good fit for it's strategy and is winding Fidor down rather than selling it to someone else.

This is a great pity because Fidor was crypto friendly. Euro withdrawals from Kraken through Fidor only incurred a 9 cent fee on Kraken's side.

It's always sad to see perfectly viable entities being wound down for no good reason.