Delete thread please

[alyssa85]

It could be several things. Are you based in Germany? If so, they run extra checks because German banks have a reputation of being lax and letting fraud happen.

Here is a thread from 2014 illustrating the German problem:

https://www.reddit.com/r/Bitcoin/comments/29qn6h/kraken_account_frozen_funds_in_hostage/

The other issue might be with the amount you have withdrawn. I expect that lower amounts go through automatically but higher amounts need to be signed off. Again this is standard practice.

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[bitbitch]

It could be several things. Are you based in Germany? If so, they run extra checks because German banks have a reputation of being lax and letting fraud happen.

Here is a thread from 2014 illustrating the German problem:

https://www.reddit.com/r/Bitcoin/comments/29qn6h/kraken_account_frozen_funds_in_hostage/

The other issue might be with the amount you have withdrawn. I expect that lower amounts go through automatically but higher amounts need to be signed off. Again this is standard practice.

my experience is that German banks are stricter in enforcing regulations than banks in other EU countries.

[alyssa85]

It could be several things. Are you based in Germany? If so, they run extra checks because German banks have a reputation of being lax and letting fraud happen.

Here is a thread from 2014 illustrating the German problem:

https://www.reddit.com/r/Bitcoin/comments/29qn6h/kraken_account_frozen_funds_in_hostage/

The other issue might be with the amount you have withdrawn. I expect that lower amounts go through automatically but higher amounts need to be signed off. Again this is standard practice.

my experience is that German banks are stricter in enforcing regulations than banks in other EU countries.

It's Kraken's experience that counts - they've been operating for some time and will have developed profiles of the countries they are dealing with, and will have built that into their risk algos. Judging by what they've said elsewhere, they also run all transactions against blacklists issued to them by various govt fraud agencies, to ensure they arn't dealing with people they shouldn't be.

[gadman2]

I'm not so sure about this situation, but I do know for a straight fact that their customer service is absolute horse shit. I was involved with Jesse in some of his side projects (ogrr) way before kraken went big and he offered several people positions on his support team for a rather decent wage. I got my wife and several of my friends involved as I had a good day job and they were in need. My wife and several of my friends would never receive pay checks even though they were several months over due. Eventually everyone got paid, but they all ended up quitting because they couldn't ever get in touch with someone when they needed it...

Ultimately they need to restructure their support crew, or outsource it to someone who knows what they're doing.

[bitbitch]

I am EU based and the exact amount was around $9,700

My open id for kraken pr team to check once they start feeling morally obliged to do something : AA97 N84G BUZH ZOQI


bitbitch,
I will upload my withdraw request in around 2 hours or so as i will be away from computer to add proof. I have already posted the countless emails not responded to and still have others that i deleted

franky1,
I will try this when i exercise all options



I will update you all on what happens and upload any contact i get from kraken but clearly joshua from their support team does not give a .....

Again to the pr team of kraken my open account id is : AA97 N84G BUZH ZOQI

I want my money and i will not be accepting you to tell me to 'wait' i have seen posts of people waiting months

either you've made a technical error, or you haven't read through the process properly and are misunderstanding something.

i have no affiliation to Kraken, but if this is resolved satisfactorily i think you will have a moral obligation to come back here and explain what really happened. trashing the reputation of an exchange that is quite well thought of is a bit off imho.

[Transisto]

Rather similar story here,

Summary of my account activity : Deposit some BTC in 2015, shorted ETH a bit, That's it !

Now my account can't do BTC or ETH withdrawal. They say the investigation will last a few weeks. What is there to investigate for so long ?

[Altynbekova]

New customer with kraken. So far only 1 withdraw request made, my experience? Non-existent support, long delay and money still not arrived.

I am reaching out to reddit to express my utter dissatisfaction with using Kraken.com By 'using' i mean only for 2 weeks and already have experienced utter rubbish. I have requested a SEPA withdraw to my bank which took longer than 7 days (they suggest no more than 5) and only when i contacted support with spam emails did it say 'success' which leaves me to believe someone at kraken may have just changed the status themselves to shut me up. Support? non-existent, you get told to hang on for another section of support, good luck with seeking help. WHAT IS INFURIATING ME NOW is that it says 'success' but it has not arrived to my bank, i have phoned my bank and they claim SEPA takes not longer than 1-2 days and they cannot find my payment incoming anywhere, kraken do not provide you with a valid reference. Where is my money kraken? I have messaged constantly and it seems you get allocated to one support person, the person i am with currently is called 'joshua' and is clearly on holiday as not 1 support ticket has been answered from him.

Am i supposed to spam kraken with emails until something is done? this is ridiculous, what the hell did kraken invest in when they achieved funding - probably josh's holiday

Ridiculous. The amount in question is nearly $10,000 i will be contacting the police or booking a flight to their offices as this is no small amount from anyone.

UPDATE: after spamming their emails (you have to do this to get a response) the only person who has bothered to reply is one guy from nearly a week ago who responded before and has told me it is being investigated. NOT GOOD ENOUGH. THIS IS THEFT.

So they can't find your money incoming transaction. Why not show them? It wouldn't be that hard i think? You just find it on the blockchain?

Perhaps some screenshot of contact with them?

My experience with kraken (were it small or large withdrawals or questions) it was always good. Better then coinbaise to be honest.

[pariahbit]

OP, have you tried starting a parallel thread on https://www.reddit.com/r/Bitcoin/ ? 

[franky1]

ok.. UK and US regulations are similar
https://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.html

in short.
a MSB has no reason to hold funds unless requested by a court order..

their regulatory compliance requirements is purely to keep a paper trail of customers actions. and if something looks suspect report it. but to NEVER inform the customer that they are being investigated nor stop the funds.

so if you are being told that funds are being held by a MSB due to suspicious activity. then you know that its false. as that is totally not what the compliance of MSB regulations is about..

they do not have the power... and as i said the only time they would have the power (due to court order) the customer would be informed by authorities directly.. and not by the MSB before so.

no where would an MSB freeze an account just because your moving more than $5k. instead the transaction would proceed and a record is kept..
the paper trail is kept for upto 5 years, and authorities at their leisure would investigate and deal with the issues as a separate matter.

there is no reason to hold funds without reason. infact the regulations make it illegal for an MSB to do so

Makes it illegal for a financial institution, or an employee of a financial institution, to disclose to anyone involved in a suspicious transaction when a Suspicious Activity Report (SAR) has been filed.

All MSBs should have a system or procedure to ensure that SARs are filed when appropriate. When an MSB employee suspects a person is laundering money, conducting transactions to evade BSA requirements, or conducting a transaction that has no apparent lawful purpose and for which no reasonable explanation can be determined, or involves use of the money services business to facilitate criminal activity, the employee should report that activity to his/her manager or to the MSB compliance officer. Then, if the MSB determines that a SAR should be filed, it must file the SAR and keep a copy of it for five years. Any supporting documentation, such as transaction records, must be maintained with the copy of the filed form and also kept for five years from the date of filing the report.

its the authorities that do freezing of accounts(after the fact). after evidence enough to sway a judge to allow a court order to do so.. in no way should/could a MSB just freeze an account without proper authority.

all they can do is file a report, let the transaction continue and not tell the customer.

so if any MSB is trying to give you some bull crap reason why a transaction failed due to AML/KYC.. they are BSing you.

an legit MSB would gather your ID before even allowing you the opportunity to move funds. so if they havent gathered info. then thats their fault. and they will fail their compliance checks (if registered) at a later date. but there is no reason even without ID to stop you having your funds (unless there is a court order)

[Dargo]

Hi davdavkr - I work for Kraken and manage our main thread here on bitcointalk (https://bitcointalk.org/index.php?topic=290799.0 - best place to complain for future reference).

First, let me apologize for the bad experience you have been having with your withdrawal. Here's a review of the situation as I understand it:

• You initiated a GBP withdrawal with us on May 11th (amount equivalent to about $9700 USD).
• On May 13th you created a support ticket about the withdrawal due to concern it was not completed correctly.
• We first replied on May 14th saying we would look into it for you.
• On May 16th we replied again saying that the payment was probably on route and to give it 5 business days to arrive in your account. This was a SEPA withdrawal with our payment provider PayCash and as explained in our support documentation these payments can take up to 5 business days (https://support.kraken.com/hc/en-us/articles/201352586-How-long-do-withdrawals-take-)
• Yesterday, May 19th, you replied saying that it had now been 5 business days but you still did not have the payment (it had in fact been about 5 business days at this point given that the 16th was, I believe, a holiday for PayCash).
• Today, May 20th, we replied back saying that we would inquire about your payment with our payment provider PayCash and get back to you as soon as possible once we hear from them.

One other thing I want to clarify - I can understand why you might think that the "Success" status you see in your Kraken account is supposed to mean the payment arrived to your bank account, but it doesn't mean that. So we are not trying to tell you that the payment has arrived to your bank account with that status.

I understand your frustration with this process, because it is very slow, and I agree that we could have been more responsive about it with quicker replies. But I'm not sure there's too much more we could have done so far to speed it up. We generally have to wait the full 5 business days before initiating a full-blown investigation with PayCash about the payment (otherwise we'll just end up with too many needless inquires about payments that are OK). And all we can do at this point is inquire with PayCash and have them investigate the payment. I'm not sure why you haven't received the payment yet, but we will get to the bottom of it and you will get your funds. And we will do everything we can to get your funds to you as soon as possible, but unfortunately this can be a slow process and we don't have full control over it.

[Dargo]

LORD HAVE MERCY

A response from kraken, wow

Dargo, i initiated the withdraw on the 11th as you mention. On your website it says it should not take longer than 5 days and i should contact you once it goes beyond that which i did and got a response from SAL. Since Sals response, i have not heard anything else and my bank claims SEPA takes 1-2 days. Could you also provide me with A VALID REFERENCE number for the SEPA payment? so not the reference number on my kraken account but an actual reference number my bank can check if an incoming payment is on its way

I can only say thanks for responding as i was 1 day away from calling the local police where your business is located. i am still far from happy and will keep notifying people on this thread and on reddit until my payment arrives into my bank account - your website claims no more than 5 days which so far has failed to do so. I have seen forums posts where they claim they have been waiting months for their payment, i tell you now i will not be waiting months or even a week, longer than that and i will phone the police and initiate law enforcements for false advertising on how long you claim to have payments ready. I want an exact date of when my funds will reach me, a REAL REFERENCE NUMBER FOR SEPA, and email confirmation of all of this.

I understand and I think you have good reason to be upset about the slow response from our support and in general about how long this is taking. However, you have to understand that this process is going to take some time. You contacted us yesterday letting us know the 5 business days was past and we replied today letting you know that we will contact PayCash and let you know as soon as we hear back from them. We have not heard back from them yet and won't until Monday at the earliest. As for a reference number, that is also something we will need to get from PayCash. SEPA normally takes less than 5 days, yes, but through PayCash it takes longer because there is extra processing involved. And 5 business days is only the upper limit for payments that process normally. Obviously there is something wrong with your payment and in such cases it can take much longer than 5 business days to get the funds.

[QuestionAuthority]

Actually, that response dargo is far from ok. There is so much evidence to make believe something is not right

NONE OF YOUR CONTACT TELEPHONE NUMBERS WORK
NO ACTUAL SEPA REFERENCE VALID
NOBODY HAS STILL REPLIED TO MY PERSONAL EMAIL? I AM HAVING TO GO THROUGH FORUMS FOR ANSWERS LIKE A 10 YEAR OLD
YOU HAVE FALSELY CLAIMED THAT PAYMENTS SHOULD NOT TAKE LONGER THAN 5 DAYS

I want AN EMAIL SENT TO MY ACCOUNT ON KRAKEN WITH FULL DETAILS OF WHEN PAYMENT WILL ARRIVE WITH AN ACTUAL SEPA REFERENCE BANKS WILL UNDERSTAND. IF THIS TAKES LONGER THAN A COUPLE OF DAYS I WILL HAVE NO CHOICE BUT TO CALL THE POLICE AND LEAVE THIS TO COURTS.

You shouldn't worry dude, your money is coming from PayCash. They've been seen in the Wall Street Journal AND the New York Times, it says so right on their trendy, edgy, cool website. They're an old well established financial giant founded way back in 2012. They are also regulated by the government of Luxembourg (the only country in the world that can get their ass kicked by Trinidad and Tobago). ROFL

[Amph]

Amph,

Could you please tell me where you make your sepa payments from and 8 hours? this is hard to believe and please try to respond without abuse.

Questionauthority,

Everything you said is right.... It is my fault but they also supposedly have been funded $5m or so, i guess that went to their support holiday



UPDATE: I phoned, 650-434-2889, no answer

you need to do it in the morning to have it in 8 hours, for the same day, i'm doing my sepa from their bank to my deutesche bank account, since they are both german bank, the sepa is very fast

[ErnieRox]

never had a problem with kraken either, used them for years

[Cryptology]

Kraken is a great exchange and would like to vouch for them. Been trading all sort of pairs at their exchange and never had an issue. There are some clear areas for improvement like adding websockets support to their API and making customer service faster but other than that I'm very pleased with their service.

[bitbitch]

it reads like it's more of an issue with PayCash than Kraken. choose your intermediary with care.

[techgeek]

Well Op, it seems you got someones attention despite the lack of transparency with your story with email conversations and what not.

If they reached you out here, it seems they are putting some effort on your situation the sitting around.

So it seems the payment method is more of the issue here then the actual exchange, which is very unfortunate.

[Dargo]

Dargo,

I am not accepting this response. Either:


You give me a reference number that is valid and banks know of and you transfer my money within the next week OR

Refund me the full amount on your website in bitcoin and allow me to get it off kraken immediately, any delay and i am phoning the police


If you cannot do either of these things then i am phoning your local police for fraud, your website says 5 days max this is completely ridiculous and STILL I AM NOT BEING REPLIED TO ON MY EMAIL AS A KRAKEN USER BUT HAVE TO GO THROUGH THESE FORUMS HOW PROFESSIONAL.


SEND ME MONEY WITHIN THE NEXT WEEK OR REFUND IT IN BITCOIN AND ALLOW ME TO REMOVE IT OR I HAVE NO CHOICE BUT TO REPORT YOUR BUSINESS TO THE LOCAL POLICE AND SEE MY OPTIONS FOR FRAUD AND FALSE ADVERTISING AS WELL AS BOOK A FLIGHT TO YOUR OFFICE AND STAY THERE UNTIL YOU PAY ME IN CASH.

- I will be updating this forum regardless of your pr team attempting to cover this up and expect swift action from you at kraken

We are already doing everything we possibly can at this point to find out why you don't have your funds yet and to get them credited to your bank account as soon as possible.

I don't know why you say you are not being replied to by email. We responded to you just yesterday with the only update we have for you at this point - namely that we are contacting PayCash to inquire about your payment and will let you know as soon as we hear back from them. But we responded again today with that same update.

I also don't know why you say we are trying to "cover this up." I gave a completely transparent summary above of the situation so far. It's not pretty and we are not trying to hide that fact, but I'm not sure it's quite as ugly as you are trying to make it seem either. We understand your frustration and apologize that this is such a slow process, but again we are doing everything in our power to move things along as quickly as possible.

[mnightwaffle]

In

to see what happens here.



lawyer up or maybe http://s32.postimg.org/apvpggchx/KMv_CNKn.png  
(not really serious)


Hope you get your money op

[mayax]

Thanks mnightwaffle

I will keep everyone informed day by day until my payment is in my bank, i am only giving it a couple of days before contacting the police for both kraken and paycash. No way i am waiting months like other people have claimed on different forums.

However, i am now met with trolls/kraken pr team on reddit, great.



So far:

DAY 10, STILL NOT RECEIVED FUNDS.

you won't receive the funds during the weekend from ANY bank....

also, their payment processor is out of discussion. maybe they didn't even receive the bank wire order for you....

you have a problem with Kraken. I know you are mad but you need to think...