Is Kraken government-backed in the US?

[Kepler-148b]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

[BitcoinMarshal]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

First of all this is not right place for discussion about this issue please move this thread to right place here https://bitcointalk.org/index.php?board=223.0 second no bitcoin exchange is Government backed if its going to hacked then no guarantee that government is going to give back your money

[mayax]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

No, Kraken is running an illegal business. They are not registered as MSB.  Avoid websites like Kraken, BTC-e, Bitfinex and similar others.

Use only financial licensed exchangers because they are insured !

[RamBahadur.Gurung]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

As far as I know, Kraken has all the necessary licenses to run its operations in the United States. But I don't believe that the deposits are insured. This means that if someone hacks Kraken and steals all the coins, then the users will have to bear the loss. No one is going to refund them, either fully or partially.

[mayax]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

As far as I know, Kraken has all the necessary licenses to run its operations in the United States. But I don't believe that the deposits are insured. This means that if someone hacks Kraken and steals all the coins, then the users will have to bear the loss. No one is going to refund them, either fully or partially.

from where you know that Kraken has the "necessary licenses to run its operations in the United States" ? can you show some proves?

Kraken doesn't have any license, it is not registered as MSB in any state. they are running an illegal money transmitter business for which, many people are in prison now....

[ab1jx]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

No, Kraken is running an illegal business. They are not registered as MSB.  Avoid websites like Kraken, BTC-e, Bitfinex and similar others.

Use only financial licensed exchangers because they are insured !

Are you serious?  How do you find a "financial licensed exchanger"?   Seems like they're all crooks, you pick one with least complaints and hope you get lucky.  Look for bad press here and use bbb.org.

[aesma]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

As far as I know, Kraken has all the necessary licenses to run its operations in the United States. But I don't believe that the deposits are insured. This means that if someone hacks Kraken and steals all the coins, then the users will have to bear the loss. No one is going to refund them, either fully or partially.

from where you know that Kraken has the "necessary licenses to run its operations in the United States" ? can you show some proves?

Kraken doesn't have any license, it is not registered as MSB in any state. they are running an illegal money transmitter business for which, many people are in prison now....

How come Kraken is still there and nobody is in prison, then ? I really don't understand the idea of linking having a "license" and being trusted. Fully licensed US banks have literally crashed the economy of the whole fucking planet !

[mayax]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

As far as I know, Kraken has all the necessary licenses to run its operations in the United States. But I don't believe that the deposits are insured. This means that if someone hacks Kraken and steals all the coins, then the users will have to bear the loss. No one is going to refund them, either fully or partially.

from where you know that Kraken has the "necessary licenses to run its operations in the United States" ? can you show some proves?

Kraken doesn't have any license, it is not registered as MSB in any state. they are running an illegal money transmitter business for which, many people are in prison now....

How come Kraken is still there and nobody is in prison, then ? I really don't understand the idea of linking having a "license" and being trusted. Fully licensed US banks have literally crashed the economy of the whole fucking planet !

they will be. many exchangers were and are in prison because of that. read the news, make a search and you will see...

also, visit the Kraken website and see if they have any license(MSB). Then, visit one of these website : Bitstamp, Coinbase, Itbit, Cirle, Gemini and see what you can find.... make the difference


if you don't trust the banks, why do you use them? cancel all your bank accounts and live with cash or....BTC if you trust it so much.

[mayax]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

No, Kraken is running an illegal business. They are not registered as MSB.  Avoid websites like Kraken, BTC-e, Bitfinex and similar others.

Use only financial licensed exchangers because they are insured !

Are you serious?  How do you find a "financial licensed exchanger"?   Seems like they're all crooks, you pick one with least complaints and hope you get lucky.  Look for bad press here and use bbb.org.

the answer is simple : make a search and you will find few.

Bitstamp, Coinbase, Circle,Itbit, Gemini

[aesma]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

As far as I know, Kraken has all the necessary licenses to run its operations in the United States. But I don't believe that the deposits are insured. This means that if someone hacks Kraken and steals all the coins, then the users will have to bear the loss. No one is going to refund them, either fully or partially.

from where you know that Kraken has the "necessary licenses to run its operations in the United States" ? can you show some proves?

Kraken doesn't have any license, it is not registered as MSB in any state. they are running an illegal money transmitter business for which, many people are in prison now....

How come Kraken is still there and nobody is in prison, then ? I really don't understand the idea of linking having a "license" and being trusted. Fully licensed US banks have literally crashed the economy of the whole fucking planet !

they will be. many exchangers were and are in prison because of that. read the news, make a search and you will see...

also, visit the Kraken website and see if they have any license(MSB). Then, visit one of these website : Bitstamp, Coinbase, Itbit, Cirle, Gemini and see what you can find.... make the difference


if you don't trust the banks, why do you use them? cancel all your bank accounts and live with cash or....BTC if you trust it so much.

Using something and trusting it are not necessarily the same thing. I use banks because I have no choice, in my country you can't live without a bank account, companies will not hire you, they want to pay your salary by bank transfer. Same to pay taxes, you need a bank account. The state will force a bank to open you an account even if no bank wants to do it.

[Kepler-148b]

If an exchange gets attacked, is the USD in your account any safer than the BTC do you think?

[aesma]

If an exchange gets attacked, is the USD in your account any safer than the BTC do you think?

If we're talking about an attack by hackers then yes. To store money you need to use bank accounts, and bank accounts are protected. If the exchange assets are seized by a government, that's another story.

[mayax]

If an exchange gets attacked, is the USD in your account any safer than the BTC do you think?

If we're talking about an attack by hackers then yes. To store money you need to use bank accounts, and bank accounts are protected. If the exchange assets are seized by a government, that's another story.

Kraken is not licensed. it's running an illegal exchange service.  it's plain simple.  yes, they may offer good services or they may be good guys but the facts are like what I am saying, they are out of law. their company is registered in USA and according to FINCEN, any kind of "exchanger" MUST be MSB. Kraken is not...

See, Itbit, Gemini, Coinbase. They are registered as MSB, they have a financial license. It is not fair for ones to comply with the laws, to pay a lot of taxes, bonds, etc and others to do the exactly same business without any investment and responsibility.

[aesma]

You sound like a broken disk. My answer above asking why Kraken is still open is still valid. They're not hiding, they're not on the dark web, how come authorities haven't closed them if they're doing something illegal ?

[mayax]

You sound like a broken disk. My answer above asking why Kraken is still open is still valid. They're not hiding, they're not on the dark web, how come authorities haven't closed them if they're doing something illegal ?

because the authorities are moving slowly but the end for Kraken will be the same like many others. i think you have a brain to put questions. why does Coinbase, Gemini, Itbit need to be MSB and Kraken doesn't even it is in USA?  

Also, why doesn't Dargo(Kraken employee) respond about that?

It's not only Kraken. There are many other US exchangers who are facing the same "destiny"

https://blog.identitymindglobal.com/bitcoin-crime-punishment

[U2]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

No, Kraken is running an illegal business. They are not registered as MSB.  Avoid websites like Kraken, BTC-e, Bitfinex and similar others.

Use only financial licensed exchangers because they are insured !

Lol and you have absolutely no agenda here right? You sure seem to hate Kraken for some reason. What could it be? Would you care to enlighten us?

[mayax]

If Kraken gets hacked, is your investment protected by government regulation? If so which one?

No, Kraken is running an illegal business. They are not registered as MSB.  Avoid websites like Kraken, BTC-e, Bitfinex and similar others.

Use only financial licensed exchangers because they are insured !

Lol and you have absolutely no agenda here right? You sure seem to hate Kraken for some reason. What could it be? Would you care to enlighten us?

'
it's not about hate for Kraken 

Poloniex is in the same position.

it's all about being fair. few companies invested A LOT to comply with the law, being MSB(financial licensed) and others are running illegal businesses. That's why BTC has a bad reputation everywhere and that's why the banks are closing the users accounts. 

a regulated market (by having regulated exchangers) will bring a lot of investors.

[Kepler-148b]

Ok, I got the actual deal from Kraken (you can email them).

They ARE a registered MSB.

However they AREN'T insured, either for fiat or BTC.

I understand that insurance for BTC might not be easy, but it's seriously lame that there's no insurance for USD stored - it can't be that hard. Anyone who is thinking about opening up a competing exchange in the US, you should do it because that is a dealbreaker (and insure for USD obviously).

[mayax]

Ok, I got the actual deal from Kraken (you can email them).

They ARE a registered MSB.

However they AREN'T insured, either for fiat or BTC.

I understand that insurance for BTC might not be easy, but it's seriously lame that there's no insurance for USD stored - it can't be that hard. Anyone who is thinking about opening up a competing exchange in the US, you should do it because that is a dealbreaker (and insure for USD obviously).

could you please share with us where they are registered as MSB? what state(s)?

[Kepler-148b]

Just email them directly, don't take my word for it. I'm guessing all states