Kriptomat

[shearwater]

Has anyone else had an issue with Kriptomat?  I had an investment with them and my bank account was linked. I made a withdrawal of about £400. This was just under a month ago. The payment was by SEPA and shouldn't take more than a day or two. I've contacted them regularly, they are apologetic but I get the feeling I'm being fobbed off, nothing in the way of any evidence of a forward track and trace etc and no sign of any money, just vague assurances that it was being looked into. I had to cancel a trip I had planned which the withdrawal would have paid for and the whole episode has caused a certain amount of stress. Any ideas of how I can get this back and does Kriptomat have previous form for this?

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[JeromeTash]

It's my first time knowing about the existence of this exchange.

I have checked out a few review sites and App Store and what seems to be the common problem is their ridiculous fees and poor support at times. I haven't seen cases of money getting stuck like it was in your case. Hopefully they respond to your issue on Trustpilot. They seem to be active there.

They have threads here, but they are very inactive and may not be helpful to you.

[shearwater]

Thanks Jerome, they're a relatively small cryptocurrency platform based in Estonia which may be why you haven't heard of them. I only used them due to a positive review in the Guardian newspaper, something which I've very much come to regret........I wanted to establish whether this was one-off error as they claim or part of a larger pattern of non-payments to other customers. I have in fact left a review on trustpilot and have contacted some legal advice experts.  I'm also concerned about the remainder of the crypto which I have with them and which I'd obviously like to cash out but suspect that the same thing will likely happen again in which case I will lose the lot.

[JeromeTash]

Thanks Jerome, they're a relatively small cryptocurrency platform based in Estonia which may be why you haven't heard of them. I only used them due to a positive review in the Guardian newspaper, something which I've very much come to regret........I wanted to establish whether this was one-off error as they claim or part of a larger pattern of non-payments to other customers. I have in fact left a review on trustpilot and have contacted some legal advice experts.  I'm also concerned about the remainder of the crypto which I have with them and which I'd obviously like to cash out but suspect that the same thing will likely happen again in which case I will lose the lot.

I understand. In certain times, some unexpected events shocks us when we least expect them. One month is quite a long time if a small issue like that is to be resolved with means someone in the customer support is not doing their job well.

I don't know how their withdrawal fee is right now, but try withdrawing a small amount again after sometime and see if it goes through.

That being said, you should look for alternatives where you won't have to face such hiccups.

Many centralized and p2p exchanges offer cashing out the Euro or selling your assets for the Euro.
Try exploring them

The following are p2p and don't require KYC
1. HodlHodl
2. Localcryptos

The following are centralized plus p2p and will require you to first verify before exchanging any crypto for fiat and vice versa
1. Binance
2. Okx
3. Kucoin
4. Bybit
5. FTX

Just make sure you find out if the services are not banned in your country.

[shearwater]

Yes, it's a really poor example of an exercise in public relations. Any halfway decent company would have been able to initiate a forward track and trace in a matter of minutes to establish whether or not the funds ever reached the intended destination. They would also probably have paid upagain and taken the matter up with their bank. Anyway, thanks once again for your help and considered advice.

[DdmrDdmr]

The time they are taking to clear the withdrawal is obviously unacceptable. Support seems to be playing at procrastinating the solution, and considering you’ve already been insistent with them in your claims, it may be worth a shot to diversify reporting the issue on some of their own social media channels, to the degree you are comfortable with.
The hope would be to publicly shame them on their own social media, with the hope of getting a speedier resolution. That is essentially what may happen through the review you plan to make/made on Trustpilot, but broadening the scope may be something to ponder (as usual, beware of scammers on social media).

They did delay processing sepa bank TXs during the past Easter holidays, but there is seemingly no mention on their behalf to further issues in this sense. I did find a similar situation reported on Trustpilot, but a one off, and with things taking place within a shorter timespan (1 week – only to cancel the transfer after the said period of time).

[The Cryptovator]

Yea, me to the first time I heard about this exchange. Not familiar with their behavior. I agree with JeromeTash here, better to use the reputed exchange. Especially I use Binance because I can sell my crypto for fiat within a second through P2P. And it's free at all, no charge for any deal. But yea, centralized exchange is always risky as we know. But since you linked your bank account with the exchange both are centralized here. It Means Binance would god of bad lol.

[Kriptomat-Team]

Yes, it's a really poor example of an exercise in public relations. Any halfway decent company would have been able to initiate a forward track and trace in a matter of minutes to establish whether or not the funds ever reached the intended destination. They would also probably have paid upagain and taken the matter up with their bank. Anyway, thanks once again for your help and considered advice.

Dear Andrew,

Kriptomat Customer Care Department Here.
Thank you for taking the time to leave reviews on several different platforms.

We felt the need to address here your claims although we did explain in detail via private emails and Facebook comments where you have contacted us first.

As you know by now, your case is one of the kind case that we have encountered for the 1st time.

In regards to your question, why can we solve this in a few minutes the simple answer is - because we are not the only involved party here.

In this event, there are several involved parties such as Kriptomat, yoru bank, your’s bank intermediary bank, and our bank.

Naturally, this requires effective communication between all involved parties, and additional time as there is ongoing communication between 4 parties at the moment, and unfortunately your bank is not responsive when it comes to inquiries we have sent them up to this date.

Our support team is keeping you informed promptly about the development as I was informed and I am very confident our Payments, Compliance, and Legal team that is working on resolving this issue will find a solution in your favor in a timely manner.

Once again we apologize for the inconvenience.


Sincerely,
Kriptomat Customer Care Department.

[Coyster]

Op created his account yesterday to complain about Kriptomat exchange, and the Kriptomat team created theirs today to respond to the claims of the OP, maybe i am overthinking things, but looks somewhat to me like they are kinda shilling the exchange, mind you i could be totally wrong, but i am wondering how the Kriptomat-team account that was created today suddenly came up with a response to OP on his issue here, how did they get to know about it or something, how did they also know who the exact customer is.

[examplens]

Thanks Jerome, they're a relatively small cryptocurrency platform based in Estonia.

officially or unofficially, they are not based in Estonia. the company is registered in Estonia due to the well-known benefits that this country offers for IT and online businesses and of course with all benefits where they act as an EU company.

Op created his account yesterday to complain about Kriptomat exchange, and the Kriptomat team created theirs today to respond to the claims of the OP, maybe i am overthinking things, but looks somewhat to me like they are kinda shilling the exchange, mind you i could be totally wrong, but i am wondering how the Kriptomat-team account that was created today suddenly came up with a response to OP on his issue here, how did they get to know about it or something, how did they also know who the exact customer is.

I would say that they have already communicated through comments on Facebook, it is obvious that the OP has gone everywhere to complain about them. they opened a new account here to defend themselves.
I would say they do a pretty bad job of presenting business here.

question to Kriptomat-Team
you have had open job positions for a long time, among others in marketing and support. how come you haven't found the right person yet? it is obvious from this example that you need it more than necessary. (Removing comments is not the right way, for sure)

[Stalker22]

Op created his account yesterday to complain about Kriptomat exchange, and the Kriptomat team created theirs today to respond to the claims of the OP, maybe i am overthinking things, but looks somewhat to me like they are kinda shilling the exchange, mind you i could be totally wrong, but i am wondering how the Kriptomat-team account that was created today suddenly came up with a response to OP on his issue here, how did they get to know about it or something, how did they also know who the exact customer is.

It is likely that this complaint was brought to their attention in some other manner. It is evident from their response that they mentioned "reviews on several platforms", so they are aware of the OP's complaints and are defending their position. I am not saying blame should be placed on anyone, but this looks like the actions of a company that has failed to manage its customer experience well.

[JeromeTash]

Op created his account yesterday to complain about Kriptomat exchange, and the Kriptomat team created theirs today to respond to the claims of the OP, maybe i am overthinking things, but looks somewhat to me like they are kinda shilling the exchange, mind you i could be totally wrong, but i am wondering how the Kriptomat-team account that was created today suddenly came up with a response to OP on his issue here, how did they get to know about it or something, how did they also know who the exact customer is.

I don't think this should be referred to as shilling. OP complained on different platforms, and you can see the same reply on Trustpilot
They probably created that account to defend themselves here once the thread showed up to them.

What they did in the first place was not right. They should have carefully explained to OP why there is such a delay rather than toss him back and forth, making him more frustrated.

[Kriptomat-Team]

Op created his account yesterday to complain about Kriptomat exchange, and the Kriptomat team created theirs today to respond to the claims of the OP, maybe i am overthinking things, but looks somewhat to me like they are kinda shilling the exchange, mind you i could be totally wrong, but i am wondering how the Kriptomat-team account that was created today suddenly came up with a response to OP on his issue here, how did they get to know about it or something, how did they also know who the exact customer is.

I don't think this should be referred to as shilling. OP complained on different platforms, and you can see the same reply on Trustpilot
They probably created that account to defend themselves here once the thread showed up to them.

What they did in the first place was not right. They should have carefully explained to OP why there is such a delay rather than toss him back and forth, making him more frustrated.

Hello again,

Kriptomat is a Customer-oriented company well known for its customer experience.

What we can guarantee is that our customer was not "tossed around" or strung along in back and forth conversations anyhow. If he wishes he can share screenshots or transcripts of the conversations, where it will be clearly visible that all of his inquiries were answered promptly and with a detailed explanation of why or what is happening.

As we have stated, here several parties are involved including the customer's bank which seems to be unresponsive so far to our inquiries related to certain checks they need to perform.

The point of creating the account to answer users' allegations was not to defend ourselves or anything similar but to clarify what was clarified to our customers on several different occasions, across several different platforms - and that is that our team is working tirelessly on resolving this issue, however, as I have said some of the involved parties are communicating in not so promptly manner.

When it comes to our company detail, yes we do have headquarters in Estonia, Tallinn.
If you need to check any information on our company, I suggest checking our Impressum page, where you can learn more about us.

https://kriptomat.io/impressum/


Sincerely,
Kriptomat Customer Care Department.

[aysg76]

Has anyone else had an issue with Kriptomat?  I had an investment with them and my bank account was linked. I made a withdrawal of about £400. This was just under a month ago. The payment was by SEPA and shouldn't take more than a day or two. I've contacted them regularly, they are apologetic but I get the feeling I'm being fobbed off, nothing in the way of any evidence of a forward track and trace etc and no sign of any money, just vague assurances that it was being looked into. I had to cancel a trip I had planned which the withdrawal would have paid for and the whole episode has caused a certain amount of stress. Any ideas of how I can get this back and does Kriptomat have previous form for this?

Okay as like others I have also not heard about this exchange but after searching about it then i came to know about that it's based in Europe and was founded back in 2018.You can directly buy cryptos with your bank account linked through SEPA transaction like in your case.

Speaking of the fees then it's like this :

For SEPA withdrawals, two euros will always be deducted for the fee, regardless of the total amount. For cryptocurrency withdrawals, there are different fees per currency. For example, there is a fee of 0.0002 BTC when withdrawing Bitcoin but you can find a complete list on the Kriptomat

You have also withdrawn above the limit like it's only €15 but you have gone above €400 so there should be normal delay but how many days have exactly passed by and you have not received your funds in account? As they have stated that it will take 3 working days for the transfer of funds and they also don't have direct withdrawal for those whose banks don't support SEPA wire transactions.

Moreover I would not recommend you to use it all because it's zero privacy based exchange as no 2FA service is offered and all your funds can easily be gone through these Centralised exchanges that are accused of selling data of the customers of the exchange which in turn loose the funds.So avoid using them and secure your funds in hardware wallets or non custodial wallets that don't Store your keys.

[Upgrade00]

As we have stated, here several parties are involved including the customer's bank which seems to be unresponsive so far to our inquiries related to certain checks they need to perform.

This is quite a vague response. So I'm essence, you cannot send the money to the user's bank cause of checks the bank is unresponsive to?
How I understand the process, after the crypto exchange forwards the payment request to the bank, they verify and confirm it, then credit the customer, which stage in this communication are you at now or am I getting it all wrong?

[Kriptomat-Team]

As we have stated, here several parties are involved including the customer's bank which seems to be unresponsive so far to our inquiries related to certain checks they need to perform.

This is quite a vague response. So I'm essence, you cannot send the money to the user's bank cause of checks the bank is unresponsive to?
How I understand the process, after the crypto exchange forwards the payment request to the bank, they verify and confirm it, then credit the customer, which stage in this communication are you at now, or am I getting it all wrong?

I am afraid you misunderstood the situation.

The funds are already sent to the Customer's bank, our bank has a document confirming they were sent successfully (bank statement), however, the Customer did not receive the funds, and his bank informed him (verbally) that the funds are not with them.
When we have asked the customer to check with the bank and provide us with written statement where it is visible funds never reached them, we did not receive an answer yet.

Also, our bank is in direct communication with the Customer's bank in the hope of a speedier resolution, however, there was still no response.

The responses may seem vague, as we do not want to disclose our Customer's privacy related to his bank or any similar details on public forms or chats, sensitive information is and will always be communicated only with the customer directly via verified means of communication, such as his private email address.


Thank you for taking the interest in this unusual case, and I hope things are a bit clearer now.

[shearwater]

I'm only doing what anyone when else would do in the same situation. It's all very well for Kriptomat to deflect the problem onto my bank when they can do nothing whatsoever about this, as a forward track and trace can only be done by the bank sending the funds, not the bank receiving them. A reputable company would have resolved this by now with immediate reimbursement and an apology. I'm in touch with money box live on Radio 4, Kriptomat of courdse will be offered a right to reply. I'm also investigating a legal avenue to retrieve what is mine.

[Kriptomat-Team]

I'm only doing what anyone when else would do in the same situation. It's all very well for Kriptomat to deflect the problem onto my bank when they can do nothing whatsoever about this, as a forward track and trace can only be done by the bank sending the funds, not the bank receiving them. A reputable company would have resolved this by now with immediate reimbursement and an apology. I'm in touch with money box live on Radio 4, Kriptomat of courdse will be offered a right to reply. I'm also investigating a legal avenue to retrieve what is mine.

Dear Andrew,

Once again, we have provided you with an official proof from our bank proving that the funds were successfully sent to your bank account.

Once again it would be very helpful if you provide us with any kind of written proof that your bank did not receive these funds as we have provided you with official proof that our bank sent funds to your bank account, and although we have asked you several times to provide us with any written statement from your bank where they officially confirm that funds did not reach your account, you have ignored our request.

We do understand this is an unpleasant situation, however kindly try to refrain from allegations that Kriptomat is known for deflecting problems unless you have any grounds for this as otherwise, it falls under defamation of brand without grounds.

The reason why we knew your name is that this is an isolated case we have never experienced before and again, is not related to our service but to banks, so far your case is known to our Top-management and Legal team, besides teams that are already involved.

So far it is important to understand that:

- We have replied to every single of your emails in a timely manner and with as many details as we were able to provide  considering that your bank is non-responsive to any assistance so far.
- You have ignored our request to provide any statement from your bank confirming that funds were not credited to your account.
- We have provided you with an official proof from our bank confirming that the funds were sent to your bank account successfully.
- Your bank did not respond to the official inquiry sent by our bank 17 days ago, although we have sent 3 reminders.


As stated, we do understand how you feel and that you need someone to blame for this unfortunate situation and that choice naturally falls on our service, however, we are doing everything that we can, and as long as your bank does not answer, or you provide any kind of official confirmation from your bank that these funds never reached your account there is very little we can do.

We also understand your need to address this issue legally, hence if you need anything our legal team is at your disposal and you may contact them directly via legal@kriptomat.io

Sincerely,
Kriptomat Customer Care Department.

[LTU_btc]

Thanks Jerome, they're a relatively small cryptocurrency platform based in Estonia which may be why you haven't heard of them. I only used them due to a positive review in the Guardian newspaper, something which I've very much come to regret........

I'm not talking about this specific case, but you and all others should be more careful with such positive reviews. It's possible to buy such positive reviews on Guardian and other popular websites. They simply publish it as press release without any responsibilty. Though, as I said, I'm not blaming Kriptomat for anything because legit business also advertise in such way.

Op created his account yesterday to complain about Kriptomat exchange, and the Kriptomat team created theirs today to respond to the claims of the OP, maybe i am overthinking things, but looks somewhat to me like they are kinda shilling the exchange, mind you i could be totally wrong, but i am wondering how the Kriptomat-team account that was created today suddenly came up with a response to OP on his issue here, how did they get to know about it or something, how did they also know who the exact customer is.

In this case I don't think that such conspiracy theories is needed. I kinda doubt that they would want to advertise in such way. And from waht I understand, they were aware about this comment because OP complained about issue on most available platforms.