Kraken to Stop SWIFT Support

The company noted clients that SEPA EUR transfers will remain active
01 March 2018   972

The Kraken sent a letter to its customers informing about closing the accounts for in the Japanese bank SMBC. The decision comes into force on March 21.

While this is a disappointing development, we are dedicating further resources to our banking relationships and the implementation of new funding methods. We will reach out to you again when we have further details to share.

Kraken Letter

All deposits received on these accounts before March 20, will be processed by the exchange. Starting from March 21, deposits will be returned to the sender's account. The withdrawal of funds through SWIFT in USD, EUR, GBP and JPY will be available until March 27. After that, all funds will be returned to the users' accounts on the exchange.

The exchange does not explain what exactly this decision is caused, and promises to direct efforts to establish new ties with banks, as well as to develop new methods of account refill.

Kraken to Launch Over The Counter Trading Platform

The minimum threshold of the new trading platform is $ 100,000
18 September 2018   187

The Kraken cryptocurrency exchange has added the possibility of over-the-counter trade in digital assets. It is worth noting that the minimum threshold for trading operations on the new OTC-platform is $ 100 000.

As stated in the blog Kraken, OTC-platform will be available "for residents of all countries."

Kraken is excited to announce a major expansion to our OTC trading platform which will enhance the execution of large block trades for clients worldwide. We offer deeper liquidity and private, personalized service to institutions and high net-worth individuals needing to fill large orders. 

Kraken Team

For trading on the site, 17 cryptocurrencies are available, including bitcoin, Ethereum, XRP, EOS, Litecoin, Monero, Dash and Zcash, as well as three fiat currencies: the US dollar, euro and yen.

The company's blog also says that the Kraken OTC team has nine professional traders from North America, Europe and Asia, ready to provide assistance to customers.

Members have a combined 100 years of trading experience working for major financial institutions such as JP Morgan, Credit Suisse, UBS, Morgan Stanley and Merrill Lynch. Kraken OTC sets itself above competitors by offering superb, hi-touch service at every step ranging from initial consultation and expert market insight, all the way through final settlement.

Kraken Team

Earlier, Kraken denied information about the massive dismissal of employees because of financial problems.