Jump to content

Kraken Discontinuing Business in Washington State


Guest plutopark
 Share

Recommended Posts

Guest plutopark

I received the message posted below, in my email box. I've contacted Kraken, but as usual they replied with a message saying they would get back to me, possibly within a ew days, depending on how busy they were. There is also some chatter about this on Reddit, as well. I don't know if this message was legit, or if it is a scam, as it includes an embedded link with which the user can log into Kraken. I advise to never click any link in your email to get to a secure website; open a new tab or window and go to the website, directly.

 

Here is the Reddit link --> https://www.reddit.com/r/BitcoinMarkets/comments/5yphce/kraken_is_discontinuing_service_in_washington/#bottom-comments

 

****************************** BELOW ****************************************

Kraken is discontinuing service in Washington state on Wednesday March 15th. This decision comes after careful consideration of our revenue and operating costs in Washington. While revenue continues to grow, operating costs have become prohibitive, primarily due to the high cost of continuing to meet the regulatory compliance requirements imposed by the state.

Unfortunately it has become impractical for us to operate in Washington and we must discontinue service for all residents. Since you are a Washington resident, we are sorry that we must suspend all services in your account. Services will be turned off in two steps according to the schedule below:

Wednesday March 15th: Deposits and trading will be suspended for all Washington residents - please stop all trading before this date

Wednesday March 22nd: Withdrawals will be suspended for all Washington residents - please withdraw all accounts funds before this date

After withdrawals are suspended it will still be possible to get your funds, but you will need to contact support for special instructions and processing will likely take much longer than normal. If you have any trouble withdrawing your funds, please submit a support request to: Https://support.kraken....

Use the subject/category “WA Resident” to help ensure a quick response.

MtGox Creditors

If you have filed a MtGox creditor claim through Kraken, don’t worry. We will still be able to process your claim distribution with a one-time transfer after we receive the distribution funds from the MtGox trustee. (If you are looking for an update on the MtGox claims process please see the MtGox trustee website for the latest information: https://www.mtgox.com/)

It has been an honor to serve the digital asset community in Washington state and we are very sorry to part ways. We will resume service if it again becomes practical to do so and will contact you with the good news.

The Kraken Team

 

 

 

Edited by plutopark
Removed link. Added Reddit link
Link to comment
Share on other sites

  • Replies 7
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

I got the message as well. 

I asked for more information about it, anything, and their answer -

Could you please provide more information as to what has lead to your decision? Could you point to a RCW or an article? Could you provide a contact person here in Washington?

-Got back half an answer

Thanks, sadly I do not have a contact person you can reach out to, but I would simply advise contacting your local government representative.

So I persisted.

OK so not an individual. As I have been unable to find anything online relating to why you might have made the decision to leave Washington, could you please provide any information that has lead to your decision. 

Sadly I can not.

Best,

Josh
Kraken Client Engagement Team

So the final answer is fuckoff.

At this point I plan to contact my local state representative's.

Any of you in Washington please do the same.

 

 

 

 

Link to comment
Share on other sites

I have a feeling that Kraken's decision may be "preemptive protection" on their part. I noticed that Washington state has been leaning pretty hard on Bitfinex to get a money transmitter license. 

Bitfinex_annoucement_March12017.png.eb0b0a64577910c1507f4af08256ff9f.png

I've dealt with Kraken and overall -- they're pretty good. I suspect that they're taking the approach that the less they say, there better off they are. If Washington tries to impose fines or pursue legal action against Bitfinex; they'd almost be legally required to do the same thing against Kraken. Because of that, I'm sure Kraken is trying to get out of "Dodge" as quietly and as quickly as possible. @GutZ -- I honestly don't think Kraken was giving you the finger. I've dealt with Josh at kraken before and he has been up an up. I just think they're trying to say as little as possible and not draw any attention to themselves given what Washington state is doing to Bitfinex

Link to comment
Share on other sites

Guest plutopark
14 hours ago, papa said:

Then why post as a topic as if the title were legit?

 

Papa, I try to regard you with some respect, but criticism like what you've posted here is just pointless.

Link to comment
Share on other sites

Guest plutopark
1 hour ago, GutZ said:

I got the message as well. 

I asked for more information about it, anything, and their answer -

Could you please provide more information as to what has lead to your decision? Could you point to a RCW or an article? Could you provide a contact person here in Washington?

-Got back half an answer

Thanks, sadly I do not have a contact person you can reach out to, but I would simply advise contacting your local government representative.

So I persisted.

OK so not an individual. As I have been unable to find anything online relating to why you might have made the decision to leave Washington, could you please provide any information that has lead to your decision. 

Sadly I can not.

Best,

Josh
Kraken Client Engagement Team

So the final answer is fuckoff.

At this point I plan to contact my local state representative's.

Any of you in Washington please do the same.

 

 

 

 

 

I wish that would help, but I think it is unlikely. It is more likely that this is being driven by a profit motive, somewhere in WA State government. How many people are being affected? I don't know how we would get a list of affected WA State residents, Kraken has already decided, and it would take time to undo what is already done - if it can be undone.

BTW Gutz,  Josh and and the other support staff have been pretty nice to me, as well, while generally seeming to be inundated with support requests. At least you got a reply(s).

 

Edited by plutopark
added to
Link to comment
Share on other sites

Guest plutopark
41 minutes ago, GutZ said:

 Poloniex next I suppose.!

 

 

 

Where we gonna go to, next? Oh, it really IS time to put those cold wallet instructions to use!

Link to comment
Share on other sites

Guest plutopark
Quote

 

This just in...

"

Alejandro (Kraken Support)

Mar 13, 18:46 PDT

Hello,
Thank you for your email. Yes, Kraken is not going to be offering its service in the state of Washington anymore, as of later this month (March 2017). Thank you for all your participation within the Kraken community and all the best to your future endeavors!"

 

I guess that sums it up.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.