I'm sharing my worst experience with kraken so far, and I'm looking for a new exchange.I opened my kraken account around 1-2 weeks ago, completed the kyc, completed the AML form, deposited money from a bank account (under my own name), converted part of it to ETH and then made a few trades.A few days later I deposited more money (again from the same bank account), bought the assets I wanted and then started withdrawing to my cold wallet.The first withdrawal went through without issue, the second one (it was to the same ethereum address) was suddenly blocked without any reason. I then received an email saying they would contact me "as soon as possible", then, obviously, nothing.For 7 days, despite opening a ticket and contacting kraken through social media (where my post on krakensupport was even removed) I received no useful or substantive information about either the reason for the restriction or how long the review could take. The only thing support said and repeated was "a specialist will contact you as soon as possible", yet nobody did. Meanwhile the app was showing an estimated specialist response time of around 9 minutes.This morning kraken finally contacted me (after 8 days), not to resolve the problem but to tell me that my account is being closed without any meaningful reason. I was given 10 days to withdraw the remaining funds, except crypto withdrawals were no longer available, the only option offered was withdrawing fiat back to my bank account. That means I was forced to sell the crypto I had purchased, but the best part comes now, kraken converter charges 1% to convert from crypto to fiat, so I basically lost 100$ on top of the trading costs and losses associated with closing the position.If you're using kraken mainly to buy crypto and move it into self-custody, be aware that this can happen even after a previous withdrawal to the same wallet has already been completed successfully.p.s. There was nothing unusual about the source of funds.- KYC had been completed- The AML/source-of-funds form and various questions had been completed- All fiat deposits came by bank transfer (SEPA) from my own bank, under my own name, the same used to create and complete kyc on kraken- Source of funds verifiable- The ethereum adddress was my own wallet where kraken had already successfully processed a withdrawal (they saved that address too and they made me verify the wallet to ensure it was mine)- The existing funds on that wallet were traceable to platforms such as bybit and revolut ramp, with ordinary swaps performed over time. I never used mixers nor services intended to obscure transaction history via /r/CryptoMarkets https://ift.tt/8JKTp7f
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