Kraken Mandates Data Confirmation for Self-Custody Wallets in the UK
Kraken, the prominent U.S.-based cryptocurrency exchange, has intensified its oversight of self-hosted wallet transactions in the U.K., demanding additional data from users.
Kraken now mandates, per U.K. regulations, to gather up-to-date information on clients involved in transactions with self-custody wallets, as revealed in an email sent to undisclosed customers. These wallets, where owners exclusively control the private keys granting access to funds, require confirmation of ownership. In the case where the self-custody wallets are not under the user’s control, Kraken demands details of those managing the addresses.
Failure to provide this information by February 13 will lead to an account lock, according to the exchange’s communication. Analysts express concerns about increasing surveillance, with some predicting the potential extension of similar regulations across the European Union starting December 30, based on Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets, known as the Transfer of Funds Regulation (TFR).
Clever Robot News Desk 18th February 2024
