Kraken restricted my account, request to see ALL my bank transactions
3 min read
Over one week ago, on July 29, Kraken restricted my account. The only things I can still do is earn (from staking) and withdrawing.
A little info what is going on: I am a german customer, and they requested me to do another KYC months ago. I didn’t hesitate and did it in time, and they also received it in time.
For months, nothing happened, no one even replied to me, I didn’t get any update about it. And then, when the first deadline was met, my account got restricted. I reached out to them, and it turned out they didn’t accept my proof of income. It was a bank statement, just as listed here as a valid proof. But it didn’t include my address, which wasn’t mentioned anywhere.
Well, okay. I checked my bank and I saw there is no option to get a statement for a single transaction that includes my address. Also none other proof I could provide does this by the way, not even my employment contract. The only thing that does, is my full monthly bank statement, this documents is 8 pages long for last month and includes all my private transactions of that time. Literally everything I bought with fiat, even over services like Paypal.
So I censored all private transactions except the income, which should be pretty reasonable. I obviously didn’t touch any relevant information about my person (like address, bank account number, and so on)
On July 31, this was the response I got:
I contacted support and explained them how I have no single statement for the income which includes the full name and address. They were very understanding and promised me to escalate the case and quickly take care of it. No new document was requested from me. No one was able to tell me what I could do to resolve the issue otherwise.
Today, August 7 (one week later), still no response. I contacted support again, and this is what I was told:
So yes, Kraken wants to see all my bank transactions and save them on their servers to reverify my account. This is freaking insane, and there is no way I will do something like this.
After a long conversation, I was allowed to talk to a supervisor and someone from the onboarding team. Again, they were very understanding. They promised again someone would look into it again after I explained them the situation again.
A few hours later, I got a support email urging me to reverify my account. If I click the link, it says the process is pending. I kinda feel like this is a joke by now.
The next deadline is August 19, and if I don’t reverify until then, they will suspend withdrawals. Yes, they threaten to steal my remaining funds if they don’t verify my account in time. So either I have to get the fuck out, or show them all my private transactions.
Kraken used to have the best support of all crypto exchanges. And now, they are below average. Far below. Their support documents are incomplete, they don’t communicate ongoing issues in time, they rather restrict accounts out of nowhere. Their support agents have no idea what a customer has to provide, and they can’t make any clear statements what I can do to resolve the issue. They always tell me it has to be forwarded to a specialist, but the specialist takes days and just sends me some email template without even looking into my case at all.
And before people jump in and say “bLaMe yOuR gOvRrnMeNt” : I opened a stock broker account a few months ago. I gave them basically the same proof of income as I gave Kraken initially, and it got accepted within a day. This is not a german regulation issue.
submitted by /u/Maxx3141
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