Topic: [ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH - page 158. (Read 628889 times)

We just replied to the ticket but we don't have any new information to share at this time. The basic situation is that we've noticed some things with the account that require further investigation. We cannot release funds during the investigation and cannot share further details about the investigation yet. We have not drawn any conclusions or accusations and the end result of the investigation may completely clear the account. There is no definite timeline for the investigation, but it could take several more weeks or possibly longer. As mentioned in previous posts, we have asked for stronger evidence of identity and also have some concerns about how the account is being used - however these are not necessarily the only concerns with the account.

We are required to maintain controls on the flow of money through our service in order to mitigate a variety of risks, and we are confident that we do not do this illegitimately or without good reason. However, in the case of disputes, businesses like ours have a legal or "Terms of Service" section that explains how disputes must be handled. In most cases this process is pretty involved, so it's probably best to give the situation plenty of time to resolve more informally before taking on the formal dispute. Complaints to law enforcement or regulatory agencies may not be effective because they understand the kind of controls a business like ours has to maintain.

Wow! If that was me, id be copying every single email of complaint, to every single head, of every single regulatory body, Kraken has to answer to. Actually, i was thinking of doing myself, after yet another stop order didnt get executed, and site unresponsive for the whole of this mornings dump.

Bitstamp should be trading margin soon.

And MORE days passed and NOTHING!

NO money

NO reply

NO support

NO information

Almost a MONTH now.

I have been customer of Kraken for almost 3 years! I never exceeded my limits, always provided all information asked for.

And now they stole my money and prefer to not talk about this with me.

Meanwhile I could become customer of other exchanges - who needs kraken? - but my money is gone!

Anybody knows how and where to file an accusation of theft against Kraken?

Sad situation!
BS

Dudes, change your passwords. Kraken possibly affected by the Cloudflare's #Cloudbleed HTTPS Traffic Leak:

https://github.com/pirate/sites-using-cloudflare

Don't wait for a warning e-mail. Do it. Do in NOW!

UPDATE:
The warning is now posted on the Kraken blog:
http://blog.kraken.com/

Just dont know how the fuck you guys get to operate, when your platform goes off line/no response, with the slightest bit of volume.

Disgusting service.  

Were you able to get your money out of Kraken? I must say I never had troubles with deposits and withdrawals even if I don't trade big amounts of €. I had troubles during the crash from 1087 to 900 Euros and they compensated me with 50€ of free fees on trades. Not a lot really but still better than nothing,so thank you Kraken exchange.

in kraken open lending service, same bitfinex and poloniex or not

https://www.kraken.com/en-us/help/fees
If you put an order on the book (limit order) and it gets filled, the fee is 0.16%
For a market order, the fee is 0.26%

Dear all, I bought my first few bitcoins this week and tried to trade with KRAKEN. Is this right, that the only fees are some % of the trading volume, so that I can practise with some very small trades? Thanks a lot and a good sunday

Well, no news today, but it seems I'm the only one complaining - so it does not look like "more and more withdrawals are on hold".

I tend to believe that (like stereotype wrote:) "Maybe you were the sacrificial lamb in this case".

Thus, it looks like I need to wait. And wait.

that's why the people should always use a financial licensed exchanger.

Feature request: the ability to filter (not just sort) tables. It would be great if for example i can enable a filter and see only a certain currency pair in my closed orders.

First they hold the money.
After I COMPLAIN to support, they tell me: give us new ID & answer, then you will immediately get your money.
After I give ID and answer, they tell me: we need to decrypt, hold on.
After they surely have decrypted the ID and answer, they say thank you, hold on.
After some more days after I complained again and again, they say: sorry, "compliance", we cannot tell you anything, but will one day.

All my questions about:
- where can I complain about the situation (company & external)?
- what court to contact in case of disputes
- which ways of defense are present and how to go them

Are ignored. I can SAY anything that sounds nice, like "because of compliance reasons we cannot tell"... compliance to WHAT exactly?
Quote it, Kraken!

They LET ME trade, no problem (just like MTGox), when when I want to withdraw my money, then all of a sudden, they cannot let this happen, and cannot tell me why, first ID missing, then compliance then...?... I want to see the law forbidding them to tell me why exactly they hold my money and which, exactly, steps I can take to defend myself.

to be continued...

To my understanding, companies like Kraken are required to whore themselves/to be seen to, go through the motions of a client/s audit process, every now and then, to tick boxs for the authorities. Maybe you were the sacrificial lamb in this case.
Not the first time ive read posts, where the user is made to feel like a criminal, all of a sudden.

   

Today, I was told that I cannot be informed because of "compliance reasons" and that I need to wait longer.

And another day passed... NO ANSWER from Kraken, no money from kraken... just SILENCE.

Support stopped communication with me after they could not deny having received the information they asked for.

Anyone with an idea what to do now?

i wanted to deposit my EUR to Kraken, but after reading this thread i will use other exchange.

Post Scriptum:

AND, the company MUST show evidence for either of the two cases: present a changed account or BTC-address to the user and ask him, whether it was changed by him - or present the court's command on which the company is acting against it's customer.
AS Kraken has not presented me either, neither of the two cases can be claimed.

Kraken didn't even bother to quote their T&C's and the applying US-regulations and laws. If law would offer the possibility to a company to hold their customers funds against the will of the customer, it would 100% as well offer the way for the customer to defend himself against miss-use of this law by the company.
If Kraken would present the laws and regulation, I would know what official to contact to make them aware of a company that may miss-use anti-laundering-regulations to scam people. If they hold my money out of nothing and do not offer a fast and secure way to update the ID - and need many days to check it! - Why shouldn't I suspect kraken of behaving in a criminal way?

The most suspect thing is that they simply put it on hold. One would expect that there is a clear explanation, including quotations of T&C and US-laws according to which such an action is lawful and giving information about how to defend oneself: where to complain to and what officials to contact in case that miss-use is suspected.
I asked 3 times for the contact to the boss of "William, the investigator" (support) to complain: NO ANSWER.
That was when I decided to go to this forum and into public. They play ON TIME. It's 100% a play on time and that reminds me on how MTGox went down: they put the withdrawals of more and more people on hold.

It seems, they even do not care about my POSTING HERE. No answers, no quotations, no support giving a CLEAR information.
The first message from support (after I noticed after two days + weekend that the money did not arrive on my bank's account and wrote support, what is the problem??), so their first answer was: "we need ID-Photo and know whether you re-sell or not. Present the asked information and the money will be released immediately."
I answered: OK, but I don't want to send via unencrypted e-mail - and upload is not possible (because of KRAKEN, not me!)
Kraken answered next day: OK, send PGP encrypted to [email protected]
I got the key from their website and sent.
And the next day - Kraken wrote: wrong PGP key. You need the key from the support, not the exchange (homepage). Get it at MIT.
I wrote: I do not know how to get the key from MIT. Please send your key attacted to message or downoad-link or GPG command-line for importing
Again, one day waiting, then Kraken answered: OK, attached

At first I did not find it attached as it was a LINK in the message below and send a very upset reply. Then I found it, imported it - and forgot to encrypt the mail, so I did what I wanted not to: send my photo-id via e-mail unenrypted. I then encrypted it and send once more encrypted, to the PGP key the support (William) sent me.

But, instead of releasing the funds, kraken wrote me again, one day later:
Thank you, we will have it decrypted and checked. Due to so much work, it will take some time.
No contact to someone in the company to complain to (MUST be present according to law, is called: "quality control"), no instruction how to complain at official places.

But Kraken does not seem to care much about such POSTS like mine in the public, do they?
Why? Because the shit hit the fan already and my post is the smallest problem they are facing?
Wouldn't you expect a serious company to make sure that people like me who post in public forums would be openly cared about in the way that other customers see that kraken does it's very best to solve the case fast and making upset customers happy again - that would be good PR, no?

Dargo might argue, that he has PCT and does not work on Sundays... no one works? Too many tickets or TOO FEW WORKERS LEFT?
It is at least outrageous, if not criminal.
And Dargo, if you disagree, prove that: quote the rules and regulations where they apply, offer the contact for complaining, the steps for juristical defense against kraken, what court to contact and all the "normal stuff", banks and all companies present to their customers in case of disputes.

Would you be so kind to show me that law?
" Just as Kraken is required to hold your money until they can verify your ID again. If they break this law they could lose their license to do business."

Why kraken cannot let me UPLOAD the ID? It could be done in minutes, but NO, I cannot UPLOAD it. I cannot delete the old and put a new one there.
Why kraken needs DAYS or weeks?

But first of all, they would have to block the TRADE and let me withdraw my bitcoins.

My ID expired 2 years ago. So I did lot of trades since then, no one cared. Then out of nothing, they HOLD my money, beause the ID expired?

It's good-sounding nonsense.
Last Friday morning (UTC) I send the encrypted ID-jpg a 3rd time. Since then, support is not bothering AT ALL with me. Unfortunately, they have so many tickets... because they stole the money from so many people?

If suspect someone could use your service to launder money, you are NOT POLICE, do do not make traps for that person but you REFUSE to become PART in his criminal business, by REFUSING TO TRADE. Not by taking his money.

You argue with law, but you do not QUOTE law. Tell me exactly, there US law tells private companies to keep money of their customers in case that a customer does not update some information he did not know it had to be updated.

If you come to a shop, pay lot of money for some item - but the shop-owner thinks that your money is "illegally acquired" and that he must not make deals with you, what does he do? Keeps your money AND the goods - and has then NO TIME to check.

My money is ON HOLD from February the 2nd. ..

Last thing:
"Kraken has done something horribly wrong": well actually no-one was raped, murdered, tortured - so of what normal people thing of "do something horribly wrong", that did not happen.
BUT, for an exchange, stealing money from their customers, that is "horribly wrong". Can you imagine that you come to your bank and they tell you: "sorry man, we need another ID from you, to pay-out you YOUR money to you."
OK, you present that ID and they say: "yes, nice, we'll look to it, but we have too much work, these days, checking oh so many IDs, please wait some days or week until we give you your money."

So you do not get the money from our bank, cannot buy your daily needs and wait for them to prove that you are you -while keeping your money and having LOTS OF TIME for this?

You would not accept it from your bank, but because it's "online" and there are some "obscure laws and regulation no-one quotes", but use as reason for their actions, you think it's OK, because if I was a criminal, I could disappear with my money?

It is NOT UP TO ANY private company to decide whether the money someone brings there is illegally acquired or not (that is up to a COURT!). IF the company has the suspicion it may be illegal, they MUST REFUSE BUSINESS - or in cases when the suspicion is huge, they MUST INFORM the governmental anti-money-laundering-office - but refuse business!

But kraken DID business and then confiscated the money. That is not OK and unlawful. Whether it is horrible or not is up to the point of view. I I would relay on that money for my living and would now not be able to buy my nutrition and die - because kraken has not managed to check my documents fast enough, it would be ok for you, because "the law requires" it? Exaggerate to see clear:

keep money from customers can be done only in two cases:
1. suspicion of hacked account and thus protection of the customer from getting his funds stolen.
2. court's command to secure funds of a person that is being investigated because of some suspected crime - suspected by a court.

Best regards
BS

You are understandably upset, but imo there are some flaws in your arguments. I would have left it alone but you make it look like Kraken has done something horribly wrong, when this is imo not the case at all and people might get the wrong impression.


A hypothetical money launderer would use a fake ID. With an unknown identity, how could there ever be an arrest, let alone a court case? Impossible. The criminal would just withdraw the money and disappear without a trace. So authorities do the only thing they can think of, which is to keep the money hostage (or rather they force Kraken to do it for them). Kraken has no choice in this, they either do what the law says or they will be punished.


In this example you're not allowed to take action until you actually SEE a crime. Simply looking suspicious isn't enough. The moment a crime happens, the criminal can be stopped by you, other bystanders or police. This is possible because the criminal is physically present. You can't compare it with an online place and no physical presence and no verifiable ID. The regulations in those two cases are different because the situations are so different.


Going back to your marketplace example: like you said, the law says "when you see a crime, you must try to hinder it or try to hold the suspect until police comes". Suppose you hinder a thief in a marketplace and the guy tells you: "We came to a situation when a private party (you), purely because the law says so, can apprehend another marketplace goer (me) to enforce a wished-for behaviour, so you are a private LAW ENFORCEMENT?"
...No, you, as a third party, are required by law to take action on behalf of the law enforcement. Just as Kraken is required to hold your money until they can verify your ID again. If they break this law they could lose their license to do business.


But really Kraken should have given you ample warning before the ID expired, like six months in advance. If they gave no warning then that's obviously bad, but if this would the normal procedure we would see the same complaints all the time. Probably an unlucky mistake in your case. Hope they get it sorted out soon.