Don't use Kraken
They will steal your money and they also seem to be hooked into the banking system
First of all they have problems with the SEC.
Anyway I have some personal experience of this exchange which is why I’m saying to keep away from them. Recently I opened up a Kraken crypto account on the recommendation of somebody (It’s ok M I won’t hold it against you) as I needed to send some USDT to someone and Kraken allowed me to do that directly from my Australian bank account to them via Osko (normally instantaneous but increasingly not) and then to send the USDT to the person it needed to go to. I tested it of course with a small amount, 100 or so AUD, it arrived within a minute or so and so I fired the USDT off to the person and all was good, received with no issues.
So I sent some more money to it several thousands of AUD. This time not so good. First of all Westpac put a hold on it and I had to go into a branch (too bad if I wasn’t in Australia) to get it released. I was asked if I knew that some of these Crypto outfits could be scams and if I was comfortable sending this money. This I did and it took me about an hour at the bank to do so. They still didn’t release it for 24 hours though. Anyway eventually they did and the money was claimed to have been sent to Kraken. But when I logged into my Kraken account there was nothing to be seen. I waited for an hour or so and the same was still the case. I figured this was not right and wondered if their systems might have registered it somewhere else. They sure had. All the amounts that I’d sent (two small, and two larger) were showing on the downloaded statements. So I hopped on their chat and waited for them to answer in about 90 minutes (that was lucky as they havn’t replied on chat since). I uploaded the statement to them so that they couldn’t deny that they’d received the money and the chat agent went away for two minutes and came back with this.
That was the end of that conversation. With the Westpac warning (which I have not had before from any bank) I am sort of wondering, if like Swyftx (a Coinbase subsidiary although they won’t tell you that), they show signs of being of the same industry that they’re claiming to be disrupting.
Anyway of course no email was forthcoming, no responses were made to my emails and Kraken was just generally acting like rogues. So I threatened them with Better Business Bureau in San Francisco. 5 minutes later I had a response.
Pretty typical of Crypto exchanges to ask for a ridiculous amount of information about you. More than what your bank would want. Anyway considering that they had a fair bit of my money I obliged and sent them a photo of me holding up a ransom note (yes really that’s what it appears as). And then of course no response. The conversations with Kraken are strictly one way, they tell you. There’s no negotition.
Next email was from Christian.
That’s the last I’ve heard from them (14th December 2023 AEST). I have passed the info along to Daniel, one of the SEC investigation team, just in case they’re interested.
I think Kraken is using their customers money for cashflow. And I think they, and a few others like them ie. bybit, are going to go out of business soon.
Oh one other thing. If you want to buy USDT, which is tethered to the USD, on Binance then it’s going to cost you 1.19 USD for each tethered USDT. What a commission that is.
Shits, the lot of them.
All of our systems have been corrupted.
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