tl;dr
Kraken has implemented a requirement for its UK users to verify their self-custodial wallets, citing regulations in the UK. The verification process includes confirming ownership or control over the wallets and providing detailed information if users are not the owners or controllers. Failure to res...
Kraken has reportedly implemented a requirement for its UK users to verify their self-custodial wallets, citing regulations in the UK. The verification process includes confirming ownership or control over the wallets and providing detailed information if users are not the owners or controllers. Failure to respond to the verification request by February 23, 2024, would result in restrictions on the accounts. This aligns with a broader trend among cryptocurrency exchanges, and regulators view the ambiguity surrounding self-custodial wallets as concerning, leading to regulated exchanges conducting due diligence on those wallets.
According to recent reports, Kraken has commenced the implementation of a verification process, citing "regulations in the UK." A snippet of the email shared by Van Straten outlined the necessity of maintaining current information about clients and their account activities concerning self-custody wallets. While specifics regarding the regulations prompting this action remain undisclosed, Kraken Support confirmed the initiation of requests to its UK-based users for wallet verification. Users were instructed to confirm ownership or control over the self-custodial wallets used for sending and receiving cryptocurrencies. Additionally, users were requested to provide detailed information if they were not the owners or controllers of the specified wallets, including identifying the responsible party and their residential address. Failure to respond to the verification request by February 23, 2024, would result in Kraken imposing restrictions on the concerned accounts until the requested information is provided, as outlined in the email.
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