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Business Profile

Financial Services

Kraken

This business is NOT BBB Accredited.

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Important information

Complaints

Customer Complaints Summary

  • 201 total complaints in the last 3 years.
  • 119 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

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Complaint status

Complaint type

  • Initial Complaint

    Date:11/25/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Crypto scam . Transfered from kraken wallet.

    Business Response

    Date: 12/04/2024

    Dear *****,

    Thank you for bringing this matter to our attention. At Kraken, we take allegations of scams very seriously and are committed to ensuring the security of our clients transactions and accounts.

    From the information provided, it appears the issue stems from a bad actor or platform outside of Kraken. We encourage you to share additional details or documentation if you believe Kraken is directly involved, and we would be happy to investigate further.

    We understand how distressing these situations can be. If a relevant law enforcement agency needs to reach out to us regarding this matter, they may do so via this form: ****************************************************************. We are happy to assist within the scope of our platforms capabilities.

    Sincerely,
    Kraken Support ??

    Customer Answer

    Date: 12/05/2024

     
    Complaint: 22600713

    I am rejecting this response because: The funds were wired to your platform, this is a federal violation that resulted in a scam am numerous us violations.

    Sincerely,

    ***** ****

    Business Response

    Date: 12/11/2024

    Hello *****,

    We take allegations of fraud very seriously. However, we are not in a position to determine whether you were genuinely defrauded. Please know that Kraken adheres strictly to all legal and regulatory obligations. Even if fraud has occurred, responsibility for that fraud lies with the bad actor, not with Kraken.

    We appreciate your understanding and wish you all the best.

    Sincerely,
    Kraken Support

  • Initial Complaint

    Date:11/22/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Im trying to get a resolution to an issue with my account thats now been going on for a week with zero *********** account is 3 years old, fully verified, and has had assets in it for most of that time. Now, as soon as I want to make any trades, I get selling is disabled or user locked. Meanwhile, my funds are being held hostage and Im being robbed of trade opportunities and substantial ******** has been 6 days, I have chatted, emailed, phoned to no abail and finally used DMs on Reddit to even receive a ticket number. This is absolutely unacceptable and not the type of customer service which should be provided by a company which is managing peoples assets and livelihood. If this isnt resolved immediately, my next step is likely a legal complaint of some sort. My ticket number is ******** and my public account ID is ********* QEYT BLVQ Thank you,*****

    Business Response

    Date: 12/03/2024

    Hi *****,

    Thank you for reaching out and sharing your concerns. I apologize for the delay in addressing your issue. Due to a high volume of requests, response times have been longer than usual, but Ive personally escalated your case for priority review.

    Your ability to trade has been restricted as part of our security protocols. While these measures are in place to protect your account, I understand how frustrating and concerning it is to be unable to access your funds. Were committed to resolving this as quickly as possible.

    Thank you for your patience while we work to make this right.

    Best,
    Kraken Support

    Customer Answer

    Date: 12/05/2024

     
    Complaint: 22593540

    I am rejecting this response because:
    As of 17:45 EST on 12/5/24, I STILL do not have access to withdraw funds or make trades on my account despite following every single instruction sent to me via email. 


    Sincerely,

    ***** ********

    Business Response

    Date: 12/11/2024

    Dear *****,

    Thank you for your feedback. As of our last communication, your Kraken account is fully operational. If you are still experiencing any issues, please let us know immediately so we can assist you.

    We appreciate your patience and understanding.

    Sincerely,
    Kraken Support

  • Initial Complaint

    Date:11/22/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I have an account with ********************** and recently tried to access funds in my account. ********************** has frozen my account and I am unable to transfer or sell any of my crypto currency. I have reached out to support several times both via phone and email and I continually receive notifications they have escalated my claim. The representatives have been extremely slow in responding to me or even trying to resolve the issue. I am requesting assistance in getting my accounted unlocked so I can access my funds. This is my money and I should have complete autonomy of my funds.

    Business Response

    Date: 12/01/2024

    Hello ****,

    Thank you for your feedback. We deeply apologize for the delays you've experienced. Due to a higher-than-usual volume of tickets, responses have taken longer than expected. Rest assured, your case has been escalated to the highest priority, and our specialized team will contact you via email as soon as possible to fully resolve this issue.

    We understand how important access to your funds is and are working diligently to ensure a resolution is reached promptly. Thank you for your patience and understanding during this time.

    Kind regards,
    Kraken Support 

    Customer Answer

    Date: 12/02/2024

     
    Complaint: 22590520

    I am rejecting this response because: This is the same exact response Kraken continues to send out. It's not my problem you have higher than usual call volumes. It is Kraken's responsibility to ensure they have the appropriate staffing levels to address issues in a timely manner. 

    Sincerely,

    **** ****

  • Initial Complaint

    Date:11/21/2024

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Kraken is a cryptocurrency trading platform. Users can deposit and withdraw both cryptocurrency and USD using a payment system (Plaid), but this process is highly error prone. Earlier this year, Kraken's payment system reported a deposit error which prompted me to make a second attempt at a deposit, which also returned the same error. Rather than make a third attempt, I closed the app and restarted, only to learn that both deposits had gone through. I immediately contacted support and was rebuffed...for days. My solution was to contact my bank and issue a stop payment on these. Eventually, Kraken acknowledged the errors and apologized.On 13 Nov, I made a similar deposit of the same amount as before. I was unaware that my bank retained their stop payment order for this numeric amount, which caused the Plaid transfer to fail. Kraken alerted me and I attempted to deposit new funds, but learned that Kraken disabled the deposit option entirely. I contacted support and advised them of all this, but was again rebuffed with boilerplate.Kraken had stated they would liquidate any cryptocurrency balance at 12:00 on 20 November 2024 to cover the balance due. Again, they did this while disabling the deposit function. I watched my account at the time specified and nothing happened. Over the next few hours, the cryptocurrency market experienced a significant downturn and Kraken deliberately chose to liquidate once the downturn stabilized at 00:59 on 21 November, 13 hours after they advised this would happen. The result? My balance was USD 250 less than it was at 12:00 on *********************************************************************** to mitigate my damage and recover the investments.Kraken is manipulating its online marketplace and liquidation procedures so that it becomes a market participant and not a marketplace. They artificially inflate the balances by triple dipping on user fees.

    Business Response

    Date: 12/01/2024

    Hello *****,

    Thank you for reaching out and sharing your concerns. While we cannot verify the details of your account or claims without a valid email address or ticket number, we want to assure you that Kraken does not manipulate its marketplace or liquidation procedures.

    Our standard protocol ensures clients are provided an opportunity to deposit funds before any liquidation occurs when balances are owed. We do not disable deposit options in such cases, as our goal is to recover outstanding balances efficiently and fairly.

    For assistance with your account, please contact us directly at ********************************** or provide additional information so we can investigate further.

    Kindly,
    Kraken Support

    Customer Answer

    Date: 12/02/2024

     
    Complaint: 22586580

    I am rejecting this response because: I exhausted the process of "reaching out to support."  They do not read emails and bounce correspondence from agent to agent until customers burnout from repeating the same preliminary details and receiving the same repeat boilerplate nonsense that whatever complaint will be handled by the next agent.  So, no, I do not accept this pointless response.

    Sincerely,

    ***** *****

  • Initial Complaint

    Date:11/20/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Wired ***** to a newly approved account and they closed the account without explanation and are holding ***** without acknowledgement .. Support representative hung up the phone .. very serious and urgent situation .. Please help, BBB Hello *****, Unfortunately we must inform you that we will be closing your Kraken account. For security purposes we cannot disclose the reason for this action. Kindly note that you cannot open another Kraken account and that our live chat and phone support channels will not be able to provide assistance regarding this matter....Your request (number ********) is currently marked in our system as Solved, which means we think your issue has already been resolved.If it has not yet been resolved, let us know by replying to this ******** protect your personal information, we ask that you delete this email thread.Ticket #********

    Business Response

    Date: 12/11/2024

    Dear *****,

    Thank you for reaching out and sharing your concerns. We understand how urgent and frustrating this situation must feel, and want to provide as much clarity as possible regarding your account and the status of your funds.

    The $9,000 deposit was processed for return to your originating bank account on November 21st. Please allow several business days for the transaction to fully clear and for the funds to appear in your bank account. We recommend checking your bank statement for confirmation.

    To protect our clients and maintain the integrity of our platform, Kraken may close accounts following a thorough review if prohibited activity or a significant risk of fraud is identified. We appreciate your understanding and regret any inconvenience this may have caused.

    If you have further questions regarding the return of your funds, please dont hesitate to reply to this message.

    Sincerely,
    Kraken Support

  • Initial Complaint

    Date:11/19/2024

    Type:Sales and Advertising Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I deposited XRP currency into the exchange to sell it into USD **** to withdraw. I have never had this problem in the past until they got sued by the ***. I get it, crypto is unregulated, but you are an ***************** You will face consequences when users' funds are on hold. Release my account as it is verified and should be running fine. I am being ignored by support.

    Business Response

    Date: 12/10/2024

    Dear *****,

    Thank you for your feedback. We have thoroughly reviewed your account and correspondence history to address your concerns.

    Our records clearly indicate that you have not experienced any issues depositing, trading, or withdrawing *** on our platform. Your statement regarding funds being on hold appears to be inaccurate, as there is no evidence of any $3,500 balance or transaction in your account history.

    The only matter requiring resolution is the unpaid $11.00 from a failed transaction on November 11th, which has resulted in a temporary restriction on your funding and withdrawal capabilities. We have outlined the steps to resolve this issue in our previous email and remain available to assist you with completing the necessary actions in order for you to avoid collections.

    We take any attempt to misrepresent facts seriously, as we strive to maintain a fair and transparent experience for all our users. If you have further questions or require assistance in resolving the outstanding balance, please feel free to contact us.

    Sincerely,
    Kraken Support

  • Initial Complaint

    Date:11/19/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I have been trying to get help with my account for the last week and I keep getting told to wait on an email. When I called I got rushed off the phone by customer service who just kept saying yeah, ok to what I was saying then at the end told me to wait on an email from another department which I dont even think exist at this point. My money, close to $5000, is just stuck on the platform and at this point I just want it off before I take a big loss! Ive read instances where people said it took up to a year for them to get this issue handled and that really worries me especially with how non responsive they have been for me and can only seem to handle issues through email for some reason. I messaged them on the support chat on different occasions and it took over and hour each time for a reply just for them to tell me wait on an email from some other department! I need my money. All I want to do is withdraw my funds and be done with this platform I have never had to deal with not being able to access my own funds and not getting an answer.

    Business Response

    Date: 12/10/2024

    Dear *******,

    Thank you for reaching out and sharing your concerns. We understand how frustrating this situation has been and sincerely apologize for the inconvenience caused.

    As of November 20th, your account has been fully restored, and you can now access all features, including withdrawals. The temporary restriction was part of a necessary security review, and we appreciate your patience during this process.

    If you have any further issues or questions, please dont hesitate to contact our support team, and we will prioritize your request.

    Thank you for your understanding.

    Sincerely,
    Kraken Support

  • Initial Complaint

    Date:11/17/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Kraken Purchased BCT and ETH Immediately received an email that my account will be closed and not information was provided I tried to withdraw crypto lnto my hard wallet multiple times Each time it was declined or canceld.I received an email again (below) indicating that crypto withdraw was not cancelled.I sold my crypto as indicated (agains my will) and I have not received the funds in my account.Kraken also charged for the sale of the crytpo against my will ******* (Kraken Support)Nov 17, 2024, 19:43 UTC Hi *****, Thanks for your email. Please be informed that your crypto withdrawal () has been cancelled and the fund has returned to your balance. As informed in our previous email, please convert your crypto to cash and withdraw cash to your bank account that you deposited from previously. Please note any crypto withdrawal will be cancelled. Once you initiate the cash withdrawal, please reply to this email to let us know. Please note, after 72 hours have passed, your account will be closed.Regards,******* Kraken Support Kraken kept *********** BTC

    Business Response

    Date: 11/27/2024

    Hello *****,

    Thank you for sharing your concerns with us. ** understand how important this matter is to you and want to address it fully.

    **d like to emphasize that Kraken does not take the decision to close an account lightly. To protect both our clients and the integrity of our platform, account closures are initiated only after a thorough internal review. These decisions are made when prohibited activity is identified or when there is a significant risk of fraud.

    As outlined in our Terms of Service, which you agreed to upon opening your account:
    - ** reserve the right to suspend or terminate accounts (Section 15).
    - Withdrawal limits or restrictions may be imposed to comply with legal and regulatory obligations (Section 3).

    Our records show that we communicated with you regarding the need to convert your cryptocurrency balance to cash and withdraw it to your linked bank account. This requirement ensures compliance, as funds must be returned to their original source, and not for any other reason you've tried to imply. ** confirmed that your withdrawals were successfully processed prior to the account closure.

    Regarding your request for reimbursement of fees, please note that fees are applied to all trades as part of our standard terms and are not subject to waiver.

    ** regret any frustration caused and appreciate your understanding in this matter. If you have not received your funds or have additional questions, please dont hesitate to contact our Support team directly for assistance.

    Sincerely,
    Kraken Support

  • Initial Complaint

    Date:11/17/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    RE: KRAKEN (PAYWARD******) Open Claim Ticket Number: ******** since November 6, 2024, and Open Claim Ticket Number ******** since November 11, 2024.On October 31, 2024, I requested online a withdrawal of $10,000.00 from my KRAKEN account via ACH transfer to my external bank checking account already registered with them, according to KRAKEN the processing time for ACH transfers to arrive in my bank account is within two (2) business days of initiation, which has not happened yet in my case, also according to KRAKEN my funds withdrawal request is still pending under transactions history, therefore I consider that in this case KRAKEN is unjustly and unduly enriching themselves with my money without caring how their actions may affect **** have filed multiple claims with KRAKEN regarding my inability to withdraw my funds from my KRAKEN account, but I have not received any response for over two (2) weeks now, regarding the return of my money and the completion of the processing of my cash withdrawal and transfer request that I started with them on October 31, 2024, as I mentioned before.I have also attempted many times to reach out directly to them, yet no action has been taken by them to resolve this issue.I urgently need access to my funds and respectfully requesting you to contact this business, so that they do things correctly, just as God commands, and give me back my hard-earned money.Thank you very much for your attention, help, and understanding.Peace and Good.

    Business Response

    Date: 11/27/2024

    Dear *********,

    Thank you for bringing this to our attention. We understand your concerns and appreciate the opportunity to address them.

    Following an additional review, we have reinstated your Kraken account, and your funds have been credited back to your account. We also confirmed that your account is now fully operational, and you should be able to proceed with withdrawals or other transactions as needed.

    We sincerely apologize for any inconvenience caused during this process and are committed to providing you with a seamless experience moving forward. Should you encounter any further issues or have additional questions, please dont hesitate to reach out to our Support team directly.

    Thank you for choosing Kraken.

    Sincerely,
    Kraken Support

  • Initial Complaint

    Date:11/15/2024

    Type:Billing Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Several years ago, I opened an account with ********************** wanting to invest in DOGE crypto coins. They were one of the few exchanges that you could buy them from. They, without warning, closed my account approximately a year later. I did nothing wrong and have a US account. What happens with the coins? No explanation. I looked online and they are doing this to several other people, again without warning. Some with large sums of money. This is fraudulent in nature on their behalf. Under this logic set, they could keep any monies gained from a positive gains on the crypto coins. Unacceptable.

    Business Response

    Date: 11/24/2024

    Hello *****,

    Thank you for reaching out.

    Weve looked into the email address you provided, and it is associated with an account that was never funded and was closed at your request. If you have another account you'd like us to review, please provide the correct email address linked to it.

    Regarding account closures, ********************** sometimes closes accounts to protect both our clients and the integrity of our platform. This decision is made following a thorough internal review and only occurs when prohibited activity is identified or when there is a significant risk of fraud. Many of the complaints you may have seen online about account closures involve individuals who have been associated with fraudulent activity, whether knowingly or unknowingly.

    When an account is closed, the account owner is given the opportunity to withdraw any remaining funds, typically within a 72-hour window. If additional time is needed, we are always happy to grant extensions. If your account was closed with funds still in it, that would have been based on your decision at the time.

    For more details on our account closure process, you can refer to our support article: *********************************************************************************************************************************

    We appreciate your understanding.

    Kind regards,
    Kraken Support ??

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