Kraken Requires U.K. Users to Verify Self-Custodial Wallets
Crypto exchange Kraken is now enforcing a requirement for its users in the U.K. to verify their self-custodial wallets, citing local regulations. The move aligns with a broader trend among crypto exchanges to comply with new regulatory measures.
Verification Process and Consequences of Non-Compliance
Kraken Support has confirmed sending out requests to its U.K. users, although the specific regulations necessitating this action were not disclosed. The email sent by Kraken outlines the details of the verification process, which includes confirming ownership or control of self-custodial wallets and providing information about external wallets and residential addresses. Failure to comply by Feb. 23 will result in a temporary ban from the exchange.
Similar Measures by Other Exchanges
This requirement from Kraken follows in the footsteps of Bitstamp, a European exchange, which implemented a similar approach earlier this year due to new regulations from the Dutch government. Reports also suggest that Coinbase, a U.S.-based exchange, is implementing requirements for users to provide additional information for transfers.
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