Topic: [ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH - page 274. (Read 628818 times)

@Dergo

Are your team planing to make a mobile app for android soon? Or at least a mobile version of web page.. Because is hard to load and manage trades from page for some older android phones (Galaxy S2)

Thanks, Jesse.  Your apology is a step in the right direction.  I look forward to seeing the audit.

Best regards,
Ken

Hey guys,

If we said no more USD withdrawals, I'm unaware of that statement.  We canceled pending USD withdrawals to give people both the opportunity to trade in a down market (many were asking), and to convert USD balances to EUR, which would help you get your withdrawals faster.  You're right that we've been having a ton of trouble with our USD bank, and a little trouble with our EUR bank, and no trouble with bitcoin.  We're doing the best we can with what we've got and to a large extent we are at the mercy of our gateways to the legacy financial system.  If our USD bank says we can only send 10 wires a day, that's how many wires go out, and that's how a backlog is created.  If our EUR bank has no limit on wires, surely, it'd make sense to encourage people to convert their balances to EUR, receive a generous bonus, and withdraw that way.  We can't force anyone to convert balances so we have to ask you.  If you want to withdraw USD now you can go ahead and put the request in and jump in the queue but if you want it soon, my advice is to convert your balance to EUR and withdraw it that way.  We shut off USD deposits because we knew that they would be creating new USD withdrawal requests that were beyond our capacity.  So, our goal is to get out of USD entirely until we have a much stronger banking partner for USD.  It really hasn't been worth the headache.

I can understand your concern and I can assure you that your funds are safe.  We'll be providing results of an audit this week, which I hope will allay your fears.  In the meantime, I highly encourage you to convert your USD balance to EUR and withdraw EUR.  The 2% bonus you receive will more than cover any conversion rates you pay back to USD at your bank.  If you don't mind waiting what might be 2 more weeks, please do keep your USD balance and withdraw that.  Effectively, they're the same option, just one is faster and nets you more money, and we can't force you to take it.

I'm really sorry for all the trouble we've caused and the poor service we've given to USD customers.  We will be very careful about opening other fiat support in the future, making sure that the bank will be able to handle projected volumes.  In this case, our bank was initially supportive of what we were doing but as our volumes went up, they got more restrictive.  Unfortunately, it's not a situation that is negotiable.  In the United States, banks don't have to take your account and they can terminate you at any time, for any reason.

I hope you'll continue to use the service and I hope we can give you a better experience going forward.  Thanks for voicing your concerns and giving me a chance to respond.  Clearly, we all need to be scrutinizing of the people we trust to hold our money.

Jesse

I agree with martinhyl.

Kraken has been having major problems with deposits and withdrawals, especially USD deposits and withdrawals.

The customer support was very slow to address this issue, until they finally said no more USD withdrawals.

Kraken CEO Jesse Powell recently posted a comment on CoinDesk denying that Kraken has suspended USD withdrawals, even though many of us had received an email from Kraken advising us of that situation.

My concern is that Kraken's CEO Jesse Powell is another Mark Karpeles.

Why do I say that?

Jesse is a kid who made a lot of money trading magic swords and things in computer games. 

He "came out of retirement" to start Payward/Kraken after he saw in 2011 that MtGox was messed up from the inside.

Yes, as Kraken has faced difficulties with their banks over the past two months, instead of just telling us the truth, Jesse has blustered and covered up just like Mark Karpeles did - until he couldn't cover it up anymore.  Then and only then did he come clean with us, the customers.

I have very little confidence that computer gamer Jesse Powell has the knowledge or integrity to run a financial institution, which is what Kraken is.

If he wants to change my mind, he needs to start taking RESPONSIBILITY for the performance of his company immediately, instead of blustering.  He needs to put in place 5 Parties Model of governance.  And he needs to start processing withdrawal wires in less than 3 business days.

You can call me whatever you want.
But i can not see that everything is happening as Kraken is telling me it is.
It can not be true that a bank spends 2 months looking to see where the money is!! And with no result
I got a response from Kraken, that the money was sent out 2 weeks ago.
That is around 5 weeks later than they stated the transfer successful.

- 5 January the transfer has a status of successfull
Money never arrives on my account, and i contact support. They tell me everything is ok from their side

 Sal January 31, 2014 01:36

Hi,

I see this as successful on our end. Usually if there was a problem, the funds would be sent back by now. Let me know if you're still having a problem and we'll launch an investigation.

Best,

Sal
Kraken Support

Then there is some more communication via their ticket system, still no result.

Then Krakensupport at Reddit tells me this:

[–]krakensupport 1 point 1 day ago

Wow, that's a lot of back and forth with support. I can confirm that the funds had already left Kraken two weeks ago. It appears the funds are stuck somewhere in the banking system, and so it makes sense that our support agents can't tell you much at this stage. However, I can also confirm that our bank is currently investigating. We'll get back to you over support with more details asap.
http://www.reddit.com/r/Kraken/comments/1yy4uy/pending_usd_withdrawals_have_been_cancelled/
----------------------------------------------------------------------------------------------------------------------------------------------------------------------

So why are they telling me that money was sent 5th January, when i now get new information that it is just recently sent out (14 February)

How am I supposed to believe that they are telling me the truth?

Dargo wrote that transfers with your other bankaccount were transfered without problem. So why don't you change your bank back?
When you do online banking no bank does check, if the IBAN matches the name of beneficiary.
yes there are problems with some customers and it's a slow and not that good support, when the topic is withdraw/deposit.
But to compare it with mtgox is just foolish and childish -.-

I really don't care how Kraken solve this issue.
They are supposed to be a professional company, but i can not say that I am satisfied with their handling of this case.
It can not be my problem that alledgedly the money is lost in space.
I provided the correct IBAN and SWIFT.
That should be enough for any bank to handle a transfer of money. And surely they will check if everything is correct before they send the money.
So it is very hard for me to believe that Kraken is telling me the truth. (haven't seen a single evidence of the transfer)
I want these money to show in my account at Kraken, and withdraw then as Bitcoin instead.

It is a shame.
I was quite happy using Kraken, but since they began to use same excuses as MtGox, I guess Kraken will be the next to go down.

Luckily Bitstamp seems to work very well. Never had any problems with them

As Serpens pointed out, there are others who have posted here who are waiting for their money. I just looked at your case. The 400€ were deducted from our bank account on 1/5, so Kraken isn't holding your money. It's either held up at our bank, or somewhere on the way to your bank (i.e. at an intermediary bank). If it's held up at our bank, then there's just no excuse for the delay, especially since you've said that you'd just like to have the funds credited back to your account. If it's held up somewhere else, then this is a situation that can take a long time to resolve in some cases. I think the support staff helping you with this has been assuming the funds are already sent from Fidor, but it's not clear to me that this is the case (their feedback has been rather vague), so this will be clarified with Fidor right away.

I see that you've had many successful withdrawals through another bank account. I'm not sure why the withdrawal with this account has been a problem, but we're certainly going to look into it. Are you certain this bank accepts SEPA? Our experience has been that there are a few EU/EFTA banks out there that don't. That's probably not the issue, but worth asking about.  

Kraken ended up cancelling the USD Withdrawal and put the money back into my account.  They said they can't do USD Withdrawals and I have to convert the money to Euros and take a Euro wire.  So I did that, and this time they say they sent the wire.  Hasn't hit my bank yet, but I'm optimistic it will be there on Monday.

All said, it's taken over 1 month to get my money out of Kraken.  Customer service was non-existent until the last two weeks when they seem to have put a higher priority on it.

I understand that US banks are incompetent.  But Kraken needs to be careful to be certain that their claims of bank-related services on their website (like fast deposit and fast withdrawal) are matched by reality.

It doesn't cut it to the blame the bank.  The bank is part of your system.  If your bank sucks, then your system has a weak link which results in poor customer experience.  A sucky bank is contagious. From the customer's perspective it means the Kraken experience sucks.

Yes, this is correct. But if you're going to make automated mining deposits, please keep your daily/monthly deposit limits in mind. 

My experience with Kraken. All SEPA deposits credited within 24 hours (many within 12 hours).
I made only one EUR withdrawal and it was credited to my account within 24 hours.
Now with this "bank API problem" and "double credit/spent protection"
- One deposit took longer (72 hours)
- I've got one (out of two) deposit of same amount on hold for 2 days. They were made one day apart from each other. It's been 2 days. I guess this won't be solved over the week-end... Filled a ticket. So, just have to wait.
No reason to panic until end of next week.
Update: deposit on hold arrived on day 3 (wordingdays). Very happy so far !

just read the last 2-4 pages of this thread.

You need patience, to deal with Kraken
I am waiting since January 5th to recieve my withdrawal of 400€
Their "bank" is still looking into it.
I will update here again, when i recieve my funds.
Perhaps it will be 2 more months.

Am I the only one here, where Kraken doesn't want to give you your money?

Unless you keep generating new deposit addresses, the old ones will stay. I believe you can have up to 5 deposit addresses generated before the oldest ones become invalid.

It says on the deposit site:
The deposit addresses can change from deposit to deposit. So each time you deposit, you'll need to visit this page to get your current deposit addresses. You can use the available button to generate new addresses.

Does that mean I cannot use Kraken for automatic LTC mining deposits?

I (re-)verified using my bank-statement, because utility bills weren't in my name either. You could give that a try.

I've been using kraken for months without trouble (euros and BTC transfers and trade both ways), however I don't have utility bills bearing my name to get a higher verification tier, wouldn't my French ID (that includes my address) be enough ?

Update on the USD funding situation:

Please note that there is a deadline for requesting the USD to EUR conversion - it you want the conversion, please submit your request no later than March 7th.

If you have no idea what I'm talking about, please see the previous posts below (this is only relevant for those with USD balances).

https://bitcointalksearch.org/topic/m.5255098

https://bitcointalksearch.org/topic/m.5375021

Hello all,
Just a quick sum up of my short experience at Kraken.com :
Traded smoothly a few hundreds euro worth of coins, requested a first withdrawal which got credited to my account within 24 hours.
Traded some more, smoothly again. Requested 2 more withdrawals, during the same day, got credited onto my account within 24 hours again.
So far so good.
I'm a happy customer at Kraken.com

We need a bank that will support GBP first and I don't have an ETA on that. Keep in mind that when we do offer GBP, the liquidity for XBT/GBP will, initially at least, not be additive with XBT/EUR. This means that the liquidity will probably be pretty low initially and thus it may make sense for some people to stay with the EUR pairs, depending on their trading style, bank situation, etc. Eventually we want liquidity to be additive across national currencies (this is the way that Gox did it, probably one of the few things they did right) - but I don't know when that might be implemented.