Kraken are NOT the good guys people portray them to be. Be warned!

If you’re new to the world of Crypto and researching exchanges, there is a big chance you came across Kraken evangelists in this sub who never run out of good things to preach about Kraken. To be fair, I used to be one of them. The sign up and verification process was easy and overall I had nothing to complain about and happy with their service.

That was until after the FTX debacle, I decided to withdraw all my assets to an external wallet and they disabled my deposits and withdrawals. Initially they asked me to send a note writing my name on a piece of paper with the date, my email address, date, signature and some statement of how I’m aware of their ‘beware of scams’ policy. I complied.

After this they started to demand that I send them a front and back picture of my card that I use for transactions as well as a bank statement for the last 3 months. In my opinion this is pushing it and definitely anti - crypto adoption. Not to mention the random account closures that they do without warning to their long term customers.

I am suspecting there must be liquidity issues at Kraken but there is no way I can prove this except to send this warning to anyone intending to use Kraken for the long term. Go to their support sub and see for yourself, they close accounts and give out the same BS response about why they can’t disclose reasons for account closures to everyone affected. Learn or perish.