ComplaintsforKraken

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Initial Complaint
08/31/2024
Complaint Type:
Product Issues
Status:
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.
I created a Kraken account a few days ago. Worst decision of my life.. I ordered 70 dollars of Shiba Inu coin. Now two days later, not only are my funds for the coin gone, but they closed down my account, without giving me any reasons. They have also blocked me from contacting support. They gave me absolutely no reasons. This is not the way for a legitimate business to conduct itself. This is very shady behavior. my email address associated with the account is ************************************,com
Business response
09/10/2024
Hi *****,

Thank you for reaching out. We understand your frustration and would like to clarify the situation.

After reviewing your account, we found no record of successful deposits or transactions. Our last email to you indicated that your transaction attempt was declined by your card issuer, and we recommend contacting them for further details.

Regarding your account closure, please know that such decisions are never taken lightly. For privacy and security reasons, we cannot discuss specific details related to account closures.

If you have any other questions, please let us know we're here to help.

Sincerely,
Kraken Support ??
Initial Complaint
08/26/2024
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I have been using Kraken as a customer for perhaps a year now, I like the site design and they seemed to be proficient but I had one bitcoin transaction fail some months ago, and I attributed that to the site I sent it to, now I just conducted another withdrawal to a Monero wallet which I own, I got 16.00 out of 111.00, so thats two unrelated places, that is an incredible coincidence, more than I am willing to accept, so I will be using another service for Crypto buying, I will also contribute to class action lawsuits which have merit and so forth.
Business response
09/04/2024
Hello ******,

Were sorry to hear about the issues youve experienced with your transactions. Weve reviewed the details internally and everything appears normal based on our records and the blockchain data.

To investigate further and address your concerns, please open a support ticket with us here: ***********************************************************************

This will allow us to assist you more effectively and provide further insights into the details of the transactions in question.

Thank you for your patience and understanding.

Best regards,
Kraken Support
Customer response
09/06/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

****************
Initial Complaint
08/23/2024
Complaint Type:
Product Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I was scammed through ****** for approx $5,000. ****** agreed to get my money back from the recipient scammer. ****** used Kracken to try and return the money to me. At least 5 different times Kracken insisted I buy Apple gift cards and take pictures and send to them thru ***************** to cover their fees, etc. Plus I was lied to several times. ******* ended up owing me $15,840 and they are still requesting another $4,000 to proceed. I refused to pay them any more so I was told today my account would be closed tomorrow morning and all money forfeited.
Business response
09/02/2024
Dear ******,

Thank you for bringing this to our attention. We want to clarify that Kraken would never ask clients to pay fees or purchase gift cards to recover their own funds. The email address you mentioned is not associated with Kraken and we advise you to be cautious of potential scams.

As per our prior communications, we have provided the necessary steps for withdrawing your remaining funds. Your account was closed following this process, and no additional funds are owed by Kraken.

We understand this has been a frustrating experience and encourage you to pursue further action with law enforcement. Should they need our assistance, we are fully prepared to cooperate.

If you have any further questions, please let us know.

Sincerely,
Kraken Support
Customer response
09/06/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

**********************************
Initial Complaint
08/23/2024
Complaint Type:
Sales and Advertising Issues
Status:
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.
Commencing on or around September 8th, 2023, I fell victim to a multi-layered scam operation orchestrated by ZGSE , operating under the domain zgsevip.top (the Company), with the design, development, manufacturing, promoting,marketing, distributing, labelling, and/or sale of illegal and outright fraudulent investment services, all of which aim at contributing to the goal of robbing and defrauding clients through a predetermined cycle of client losses to gains in the equivalent of ********* USD.
Business response
08/29/2024
Hello ******,

While we are sympathetic to your situation, our response remains unchanged.

Please keep in mind that Kraken complies with all relevant statutory obligations. We are not obligated to disclose our procedures to you.

If you believe that you have been defrauded, we strongly recommend that you engage law enforcement and report the details of the crimes committed to the relevant authorities in your jurisdiction. We consider this matter closed, as we have provided all the information and support we can offer.

Regards,
Kraken Support
Initial Complaint
08/23/2024
Complaint Type:
Product Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
On 8/16 I opened an account with ********************** and transferred $26,000 to the account for trading crypto. Upon placing my first trade I was told that my account was being closed (this was on 8/21) for security reasons that could not be disclosed. I was informed that I had 72 hours to withdraw the money to the the bank where the money was previously deposited from. In my case, this is a ****** brokerage account. I have now made two attempts, via wire and bank transfer, to transfer the money. In both cases, Kraken has come back and said the withdrawal has been canceled and that I must withdraw to the original bank. I'm now told that my account will be closed in 24 hours. I have already tried the two options I have to transfer the money back to ******, and am receiving no useful information from Kraken.
Business response
08/29/2024
Hello *****,

We understand your frustration, and we want to clarify the steps needed to withdraw your funds. As mentioned in our previous communications, your deposit was received from a ***** Fargo account ending in **18. To comply with Kraken's policy, all withdrawals must be returned to the original bank account used for the depositin this case, the ***** Fargo account under your name.

Please note that Kraken does not support transfers involving third-party accounts, including brokerages, investment services, or payment processors like ******. This policy is in place to comply with our security and anti-money laundering protocols. More information on this policy can be found here: *************************************************************************

To successfully withdraw your funds, please ensure the transaction is directed back to the ***** Fargo account used for the initial deposit. If you continue to face issues, please let us know, and we will be here to help.

Thank you for your understanding and cooperation.

Best regards,
Kraken Support
Customer response
08/30/2024

Complaint: 22184980

I am rejecting this response because:
Thank you for your efforts to resolve my situation. Unfortunately, the response from Kraken is not helpful. I have explained to Kraken on multiple occasions, without result, that I dont have an account with ***** Fargo. I have a brokerage account with ****** ending in 3118. I will attach proof of that. I am also attaching the backup regarding my original wire of funds from ****** on August 20.

When I wired the funds to Kraken, I believe that ****** must use ***** Fargo as the intermediary so that it appears the money is coming from ***** Fargo. If it is necessary for me to provide proof of this let me know. For incoming wires, ****** uses Citibank (information attached). I have now tried on at least four occasions to return the funds to the ****** account ending in 3118, and on each occasion Kraken has cancelled the attempt.

I would be happy to withdraw the money to a bank account in my name, but the reality is that I cant comply with Krakens specific instructions because I dont have an account with ***** Fargo. They simply continute to provide the same advice and ignore the information I have provided.

Sincerely,

*********************
Business response
09/05/2024
Hi *****,

Thank you for your patience throughout this process. We're pleased to inform you that we've processed the withdrawal to your new bank account earlier today as an exception, given the unique circumstances surrounding your initial deposit.

If you have any further questions or need additional assistance, please feel free to reach out. We're here to help!

Best regards,
Kraken Support
Customer response
09/07/2024
Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. I have received my funds and I greatly appreciate the support of the Better Business Bureau in achieving this resolution.

Sincerely,

*********************
Initial Complaint
08/21/2024
Complaint Type:
Billing Issues
Status:
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.
My account was closed; I don't know why; I don't know where my money is; and I can't login to my account.When I login it says my account has been closed and to contact Support. When I contact Support, they tell me they can't help me unless I provide information that I must login to get or until I login.MY Problem: I CANNOT LOGIN because my account was closed; I don't know why; and I don't know where my money is at.THEIR Solution: Login and verify.They will not respond or assist until I login.Hmmmm... Does anyone other than ME see a problem here?****** ******************* ************************** ************** Please contact me.
Business response
08/29/2024
Hello ******,

We understand your concerns and want to clarify the situation. As mentioned in our previous communications, your account is currently under review as part of Krakens normal compliance routine on transactional activities. To proceed with any assistance, we need to verify the debit/credit card(s) used for deposits on your account. This verification is crucial to ensure the security of your funds and account.

You can securely upload the required documents using the link provided in our previous email. For your safety, please ensure that only the first 6 and last 4 digits of the card(s) and your name are visible in the photos; all other information should be covered.

Until we receive the requested information, we are unable to proceed with further support.

Thank you for your understanding and cooperation.

Best regards,
Kraken Support
Customer response
08/30/2024

Complaint: 22174918

I am rejecting this response because:
The message from Kraken says that my account is currently, "under review", whereas the attached screenshot clearly shows that a login attempt states "Account Closed".
In Kraken's response they also make reference to, "...the link provided in our previous email". I have not received ANY emails from Kraken (yes, I have checked Spam Folder) nor have they called me.
Please have them provide the email address and/or means they are using to contact me.

Sincerely,

***********************
Business response
09/05/2024
Hi ******,

We understand your frustration, but want to clarify that you have received our emails, as evidenced by your replies to them. In your response, you stated your refusal to comply to which we informed you that you are welcome to take all the time that you need to get back to us.

While your account currently shows as "closed," this is the status displayed during our review process. Once you complete the requested verification, we will be able to reopen your account and proceed with further assistance.

Thank you for your cooperation.

Best regards,
Kraken Support
Initial Complaint
08/20/2024
Complaint Type:
Service or Repair Issues
Status:
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.
I created a crypto account on kraken.com on 08/05/2024, submitted all the ** documentation, and was approved the same day. I funded the account on the same day with ****** USD from fidelity and made an instant purchase of Bitcoin.On 08/08/2024 I get the appended message from a "****" in kraken support. On 08/09/2024 I transferred my BTC to a wallet on a different platform, but the transaction was canceled manually by kraken. My account was closed, and reopened on 08/19/2024. I again attempted to transfer my bitcoin on 08/20/2024, and it was again canceled. Kraken has not provided any reason other than the below:**** (Kraken Support)Aug 8, 2024, 09:09 PDT 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.Please note that you still have a balance on your Kraken account. Therefore, we request that you complete the following actions within the next 72 hours (from the time and date of this message):Convert crypto to cash.Withdraw your remaining balance to a bank account you deposited to Kraken (account ending in 011).Export all your trade and ledger history as we will be unable to provide it to you later.Deposit services have already been disabled for your account. After the 72 hours have passed, your account will be closed. Kindly note that you cannot open another Kraken account. We may reach out to you if we require additional documentation.We appreciate your understanding.Finally, on 08/12/2024 I get this from kraken support:Septimus (Kraken Support)Aug 12, 2024, 09:29 PDT Hello *******, The withdrawal was manually failed, as we cannot allow you to withdraw cryptocurrency. Since you have not proceeded with the necessary actions, we have closed your Kraken account.
Business response
08/29/2024
Hello *******,

We understand your frustration and were here to clarify the situation. On August 8, 2024, we informed you that your account would be closed for security reasons, and you were provided instructions on how to withdraw your remaining balance. These instructions specified that you should withdraw your funds to the original bank account used to deposit them.

Please note that cryptocurrency withdrawals are not permitted for your account at this time. Attempting to transfer your Bitcoin to an external wallet is against the instructions provided and cannot be processed. We remain committed to ensuring the safety and compliance of all transactions on our platform, which is why we adhere strictly to our Terms of Service.

If you wish to withdraw your remaining balance to your bank account as previously outlined, were more than happy to assist. Please inform our team assisting you via email that you are prepared to cooperate and they can assist you further. If there are any further questions, they can also be forwarded to the team assisting you through email.

Thank you in advance for your understanding and cooperation.

Best regards,
Kraken Support
Customer response
08/30/2024

Complaint: 22170644

I am rejecting this response because:
I own the bitcoin I purchased.
Kraken.com is a crypto currency exchange, NOT a law enforcement agency. It does not have the right to dictate to me what I can/cannot do with my assets.
Law enforcement agencies will recover my assets from Kraken, who, in addition, will pay for my legal/other costs.
Sincerely,

***************************************
Business response
09/05/2024
Hi *******,

We understand how frustrating this situation must be. As a regulated exchange, Kraken is required to adhere to strict compliance and security protocols, including account closures in certain circumstances. These protocols ensure a safe environment for all our clients and their assets.

We assure you that your funds remain secure, and we are here to assist you with withdrawing your remaining balance to your original bank account. We recommend reaching out to the team assisting you via email for any additional clarification or to facilitate the withdrawal process.

Thank you for your understanding.

Best regards,
Kraken Support
Customer response
09/06/2024

Complaint: 22170644

I am rejecting this response because:
I want to transfer my bitcoin out of my kraken account, but they are not letting me do so.

Sincerely,

***************************************
Initial Complaint
08/19/2024
Complaint Type:
Sales and Advertising Issues
Status:
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.
WIRED SUM OF $1000 THROUGH BANK OF AMERICA ACCOUNT ON AUGUST 16 TO PAYWARD INTERACTIVE ******** NAME CUSTOMER BANK FOR ********************** ACCOUNT NO ******* BANK ADDRESS *********************************************. TODAY AUGUST 19 I RECEIVED AN EMAIL FROM KRAKEN SUPPORT THAT THEY CLOSED MY ACCOUNT. NO REASON WAS GIVEN. I AM NOT ABLE TO CALL THEM. I AM SUSPICIOUS OF KRAKEN ACTIVITIES. SINCE THE MONEY WAS PAID TO THE CUSTOMER BANK I WANT THE MONEY TO BE RETURNED.
Business response
08/29/2024
Hello *********,

We're sorry to hear about your concerns. When we informed you of the closure of your Kraken account, we also notified you at the same time that your $1,000 deposit was being refunded to your bank. Refunds typically take a few business days, so we encourage you to check with your bank for confirmation.

While we're unable to provide specific details about the account closure due to security protocols, we assure you that your funds are being returned as stated.

If you have any further questions, please respond to our email directly, and we'll be happy to assist you.

Thank you for your understanding.

Best regards,
Kraken Support
Initial Complaint
08/18/2024
Complaint Type:
Product Issues
Status:
Unanswered
The business failed to respond to the dispute.
I was locked out of my account on ************************************** because I lost access to my email address. I recently reached out to kraken and opened a ticket explaining the issue I was experiencing when attempting to login to my account. I was instructed to send information that would verify my identity. I sent the information over to kraken but have yet to receive a message to gain access to my account. First ticket opened, Ticket #********. Second ticket opened Ticket #********
Initial Complaint
08/16/2024
Complaint Type:
Sales and Advertising Issues
Status:
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.
Commencing on or about August 21st, 2023, I fell victim to a multilayered scam operation orchestrated by *************** (the Company), with the design, development, manufacturing, promoting, marketing, distributing, labeling, and/or sale of illegal and outright fraudulent investment services, all of which aim at contributing to the goal of robbing and defrauding clients through a predetermined cycle of the client losses to gains.
Business response
08/27/2024
Dear ****,

We understand how distressing this experience must be and take these allegations seriously. Protecting our clients and maintaining compliance with all applicable laws and regulations is central to our mission.

While we are committed to following our standard procedures, including AML/KYC protocols, each case is unique, and we take your concerns seriously. We acknowledge the complexity of situations involving external fraud schemes, especially those related to third-party entities outside our platform. Nevertheless, we will review the specifics of your case further.

For any fraudulent activity, we strongly encourage victims to file a report with local law enforcement and financial crime authorities. We are prepared to fully cooperate with any formal investigation initiated by the authorities.

If you have additional information or documentation to support your claims, we invite you to share it with us directly via our official support channels so that we can better assist you.

Sincerely,
Kraken Support

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