We have a rather extensive article in the Kraken Help Center covering the Global Settings Locks. It's in the 'Security: Account' section. I think the article does a pretty good job of conveying the purpose of the lock (but please let us know if you think otherwise). It also describes which settings get locked and what can be done to unlock your settings:
https://support.kraken.com/hc/en-us/articles/201396877-What-is-the-Global-Settings-Lock-
Thank you.
I think in combination with an master key, it is okay, to activate settings lock.
But as HPt wrote,
1) not everybody knows enough about this settings lock
2) not everybody knows, that without the settings lock, it is easy to bypass the 2FA !!!
So I still think Kraken has to do something, to make 2FA secure even without the settings lock. The 2FA method should not be changeable without access to 2FA nor password, except with a masterkey or with support.
I agree with you and HPt that we at the very least need to do more to make people aware of the settings lock. Just so there's no confusion about the issue here, it's only easy to bypass 2fa if you have already gained access to the account. So it's not easy for someone who doesn't have access to the account to bypass the 2fa for login. But I understand how someone who sets 2fa for trading or funding would expect that this isn't easy to bypass even if someone has access to the account, so that either needs to be changed or it needs to be made clearer that the settings lock should be used in conjunction with 2fa for trading or funding in order for these to really improve the security of the account.
We will take a look at this issue and do something to address it - thanks for bringing it up!