ComplaintsforKraken

• Initial Complaint

  07/13/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Unanswered

  More info

  I deposited Injective into my account in ****** almost three weeks ago and the funds do not show. I used the correct address and kraken has repeatedly given me auto replies about the injective chain not working and that they have no clue when this will be resolved. Im observing the address and the funds are sitting right there and kraken is not giving me access for whatever reason

• Initial Complaint

  07/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Did a wire transfer to Kraken from my BOA acct., for $2200. bought coins and did a withdrawal. Tried to verify tranactions. Kraken CLOSED via an email with NO explanation, NO reason WHY, NO instructions on how to get my money back. Contacted **************** (3) diffent ways and it running me in AI circles. That was 3 days ago. JUST want my money refunded. The phone on web points to file a support ticket (kraken). The BBB has a phone numberthat is someones personal phone # and the online chat doesnt reach a real person and runs you in AI circles.The supporting are attached. THEY OWE ME a MINIMUM of *********. Want resolved and funds returned.

  Customer response

  07/19/2024

  Complaint has been resolved - Response taken by BBB rep ********

• Initial Complaint

  07/07/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Attempted to purchase crypto on July 5th 2024 for $400. Received an error it did not go through my kraken account so the purchase didn't go through as you can see in the images provided even they have confirmed it didn't go through their end. They withdrew $400 from my account even though the purchase did not go through. I've had to reach out to 10+ different "specialists" to cancel on their end so that my bank can return the funds. However, they could not provide and confirm cancelation on their end. This is ridiculous purchase was not successful they should not be taking money from my bank account this is criminal. They still have nor returned my $400 dollars to my bank

  Customer response

  07/09/2024

  This has been resolved please close the case thank you  

• Initial Complaint

  07/05/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Unanswered

  More info

  Commencing on or around July 20, 2023 I fell victim to a multi-layered scam operations run by Trazelux involved me making deposits for a total amount of ******* BTC from my Kraken wallet to fraudulent investment firm.

• Initial Complaint

  06/28/2024

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  Hello,I recently transferred $17,550 via wire transfer from my CITI bank account to the crypto platform KRAKEN for trading. On the same day, KRAKEN unexpectedly closed my account without providing any reason and has refused to return the funds to my bank. Despite numerous attempts to contact them, I have received no response or resolution to this issue. Below are my profile ID and the ticket number related to this case:Profile ID: AA77 N84G U7XM ZRFQ Ticket Number: ******** Thank you for your assistance.Kraken website: ************************************** Kraken contact info: **********************************

• Initial Complaint

  06/21/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Well I can see this issue is not unique to me. The authorities really need to look into this Kraken situation. I opened an account with ********************** including jumping through all the hoops needed for verification. Once the account was opened I transferred 10k from my checking account and purchased crypto. After one $300 withdrawal I was asked to provide further verification which I did. While waiting for the verification process to complete I tried to log into the account and received a message stating my account had been closed. No explanation. No email, No nothing! I have since sent out several emails which they have elected to totally ignore! What kind of legitimate business behaves in this manner?

  Business response

  06/30/2024

  Dear *****,
  
  Thank you for reaching out to us via the BBB. We understand your concerns and apologize for any frustration this has caused.
  
  At Kraken, we sometimes require additional Know Your Customer (KYC) documentation for security and compliance reasons. These measures help us maintain the highest standards of safety and regulatory compliance for all our clients. We do not take the decision to close an account lightly, and such actions are always made with the utmost consideration for security.
  
  In your case, as part of our standard compliance routine on transactional activities, we have requested further documentation via email. This request is part of our normal procedure to ensure the integrity and security of our platform. We are prepared to assist you promptly once we receive the necessary document.
  
  We apologize for any inconvenience this may have caused and appreciate your understanding and cooperation in this matter. If you have any further questions or need assistance, please do not hesitate to reach out.
  
  Best regards,
  Kraken Support

  Customer response

  07/02/2024

   
  Complaint: 21884534
  
  I am rejecting this response because: I am not satisfied with your words. I need my money back! All the security you claim you need should be done before you accepts one's money!
  
  Sincerely,
  
  *************************

• Initial Complaint

  06/17/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have repeatedly contacted this company over the past 6 months to get resolution regarding how my account was created, tax documentation, and unravelling of staking rewards based on the Feb 2023 SEC decision vs Kraken but have received no resolution/response/clear guidance.I am filign this complaint with BBB since I have no other recourse than to continously go through their chat/email process which goes completly unanswered/resolved. My last contact was on 5-27-2024 (attached) where I asked for the 4th time in 2024 alone to have my account updated as they are rolling their financial data over to DLT finance. I am an American living overseas and they have my account set up as a European citizen and not paying tax to ******* and also receiving 'staking rewards' which should not be occuring since the SEC decision in Feb 2023. ***********************************************. If I read/understand all of this correctly - effective Feb 2023 Kraken should have: 1- Ensured my account was under the proper citizenship.2-Unstaked all of my assets.3-Stopped paying me staking rewards.4-Issue tax documents concering my rewards through the decision of 2023.5-Issued a statement clearing showing adjustments to my account and movement of funds/staking rewards. As it stands now I cannot file taxes, cannot alter my account, my financial information is frozen since their system thinks I have not completed the German requirements to transfer to DLT Finance under European laws, and I have no way of contacting them other than chat which they 'elevate' but never respond. I wont' give an exact amount but I will say the total financial impact is under $15K. I am considering legal action but wanted to file a BBB complaint first and see if that will help things. Honestly if they would just tell me wait time for customer service review will take 1 month I would just wait but in this instance there is no response...just automated 'we received your query'. I hope you can help!

  Customer response

  06/17/2024

  First name ***** Last name *****. 

  Business response

  06/27/2024

  Dear *****,
  
  We apologize for the frustration youve experienced. Based on the documentation you submitted, you are classified as a resident of *******. Our geographic regulations are based on residency rather than citizenship, as individuals often relocate without changing citizenship.
  
  As a resident of *******, you must either transfer your account to DLT Finance or opt to close your Kraken account. However, if you provide proof of residency in a country other than *******, you will not be required to make this transfer.
  
  Please note that US taxpayers generally pay tax on their worldwide income regardless of where they reside. You should consult your tax advisor to determine how to calculate your taxes when filing in both the US and your country of residence.
  
  We acknowledge receiving some of the information we requested from you today but are still awaiting the remaining details to finalize your verification. Once we receive the required documents, we are ready to assist you promptly.
  
  Thank you for your patience and understanding.
  
  Best,
  Kraken Support

  Customer response

  06/27/2024

   
  Complaint: 21859367
  

  Thank you for the response. 

  I am rejecting this response because: Due to the German/American SOFA agreement status of an American military member stationed in *******, I am legally not a resident of this country. I cannot register in DLT because I do not meet the criteria of the ***************** or any part of Europe for that matter to receive a residency permit or tax ID card. 

  Would it be possible to reregister using an American address of a family member living in the ***?

  If you cannot make an exception for this situation then sadly, it seems I am left with no choice but to close the account. Something I seriously do not want to do. Additionally, based on the information on your site, I cannot transfer/cash out my assets from Kraken because I am no longer registered and the timing of the Kraken move has turned off my ability to move the assets. The transfer window was missed due to the lack of notice from your company and the extremely long wait time experienced from customer service to address the account issues as well as the 21 day lock up or greater that I had on some of the staked assets. 

  Due to the aforementioned, are you able to at least adjust/open the account to a point to where I can withdraw my assets/close the account?

  Or - should I wait until you receive the entirety of my reverification submission?

  Regarding taxes, the Feb *********************************************************************************************************************************** the first place. Are you able to at least provide a ledger of transactions so that I can parcel out what was paid? When I attempted to create a ledger for this tax season it did not produce data and of course there are no tax documents produced by Kraken for me - and even if there were it would likely be as a European resident, in which case, I am not. 
  

  All that said is there some way that I can register as a European using American information, continue staking, leave the accoutn open, and just figure out the tax situation on the IRS/advisor side?

  Sincerely,
  
  *********************

• Initial Complaint

  06/11/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I opened my account in March. I started to fund my kraken account and the money cleared and then I started to buy crypto and withdraw with no issues. Then on June 9, 2024 kraken froze my account while my funds are still in the account and then proceeds to close my account. They ask for KYC and I provided them a photo of myself with a piece of paper and ID. They close my account down and then took ***** from my bank even after my account was closed. They then ask for bank statements which is too personal, i dont want to do business with them and just want my ****** in my account that they took. They wont response to my emails.

  Business response

  06/30/2024

  Dear *******,
  
  Thank you for bringing this to our attention through the BBB. We understand your concerns and apologize for any frustration this situation has caused.
  
  Regarding the $6,000 you mentioned, please note that Kraken cannot "take" funds from your bank account. Any transfer of funds to Kraken must have been initiated by you. Since your account was being closed, the deposit attempt was automatically returned.
  
  As for the funds already in your account, we provided you the opportunity to withdraw them prior to the official closure of your account. Any funds sent to us have since been refunded or withdrawn by you.
  
  In your case, we requested additional Know Your Customer (KYC) documentation to ensure compliance and security. We understand that providing bank statements can feel intrusive, but this information is crucial for verifying your identity and ensuring the safety of all our clients. We assure you that such measures are in place to protect both our clients and our platform.
  
  We do not take the decision to close an account lightly, and these decisions are always made with careful consideration for security. We appreciate your understanding and thank you for your time with Kraken.
  
  If you have any further questions or need additional assistance, please don't hesitate to reach out.
  
  Best regards,
  Kraken Support

• Initial Complaint

  06/10/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Transferred from my bank ******* dollars with zelle to my kraken account, they never received. I want a refund. I had just setup the account. Then after going over with support they closed my account. This is criminal. They have no reason for closing the account or can tell me what happened to the money.

  Business response

  06/20/2024

  Hi ******,
  
  Thank you taking the time to share your experience. We can certainly understand your frustration and want you to know that we do not take the decision to close an account lightly. Due to privacy and security reasons, we are not able to discuss details regarding account closures.
   
  Please note that Kraken has not received any deposit for $1,200.00. Also, with the information provided by you so far, we could not find any incoming deposit either.

  In order for us to further check and help you out, please provide us with your wire receipt through your open ticket.
   
  The deposit receipt must include the following information:
   
  Senders name on deposit.
  Bank account details.
  Deposit amount.
  Date deposit sent.
  Public Account ID (if known). 
  
  If you need any further clarification, please let us know.
  
  Kind regards,
  Kraken Support

• Initial Complaint

  06/09/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  On May 29,2024 I bought $1300 of *** crypto using my Kraken account. After the 72 hour wait period I tried to withdraw/transfer the *** to another crypto wallet. Initially I was sent an email with an ** (internet protocol) to verify the transaction. I could not identify the ** address. I contacted Kraken via the chat customer service app. The individual could not explain anything about the ** address. I did my own research and found it was a valid address from my cable provider. There after I have been unable to complete the transfer, I have escalated the issue on June 3rd it is now June 9th and I have received zero information, no status just the email below. In the interim I have no control to trade or protect myself from fluctuations in the price of ***. It's pretty easy to deposit money in Kraken....trying to get it out is another issue!!!!Hello,Thanks for contacting Kraken. Your request (********) has been received. We will reply to your ticket as soon as possible.We appreciate your patience. You will be hearing from us soon.

  Business response

  06/29/2024

  Hello ******,
  
  Thank you for reaching out and sharing your experience.
  
  When you reported an unfamiliar IP address attempting to withdraw funds from your account, we locked it as a security measure to protect your assets. This is part of our stringent security protocol to ensure the safety of our clients' funds.
  
  We understand that this has caused inconvenience, especially with the fluctuating price of ETH. Please be assured that when an account is locked, we follow a rigorous set of steps to verify and secure it before unlocking.
  
  We appreciate your patience and cooperation throughout this process. Your case has been escalated for priority review, and our team is working diligently to resolve this matter as quickly as possible. You will receive an update from us shortly.
  
  Thank you for your understanding and for choosing Kraken.
  
  Best regards,
  Kraken Support

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩