Kraken Experiences Domestic USD Funding Delays

Source: Finance Magnates 2020-06-30

Kraken, a US-based cryptocurrency exchange, is currently experiencing delays for domestic United States dollar (USD) funding, the company has revealed on its website earlier today.

In particular, on Kraken’s status page, the crypto exchange said: “We are currently experiencing delays with our wire processor for Domestic US deposits through Evolve Bank. This is causing deposits to remain in a “Confirming” or pending state for a few business days longer than normal and delays in service requests.

“Please contact support for assistance with any delayed transactions and see this support article for other domestic US deposit and withdrawal alternatives.”

Source: Kraken

The message was posted on the 29th of June at 23:24 UTC (GMT+0). As of the time of publishing, the alert remains unchanged on the exchange’s website.

Kraken USD issue appears to be ongoing

Although the message was published within the past few hours, it appears that this is not the first time that the cryptocurrency exchange has had issues with Domestic US deposits in recent days. In fact, the situation alerted to today appears to be an ongoing issue.

Source: Twitter

According to a tweet from Charles J Ryan (@cryanluxuryhome) posted on the 25th of June, in which Kraken replied to, the exchange was also experiencing delays in domestic US Dollar funding.

I hate to keep doing this to my followers, but rather than doing this for attention I’m doing it so others don’t fall into the trap. Do not send USD Domestic Wires to Kraken through the Evolve Banking Partner.
— bullshakalaka (@bullshakalaka) June 25, 2020

Trading systems continue to fail amid unprecedented load

Kraken is not alone in its system issues. In recent months a number of exchanges and trading providers, both from crypto and foreign exchange (forex) and other assets, have been experiencing system issues.

One of the most notable of these was Robinhood. As Finance Magnates reported, in March, the commission-free stock trading app experienced a system-wide outage, leaving clients unable to access their accounts due to an unprecedented load on its system.

Earlier this month, Robinhood again reported technical issues that kept clients from trading equities, options and also affected cryptocurrency trades. Although Robinhood provided few specifics, there were widespread complaints from customers who could not get into their accounts online.

Complaints also included either slowness or lack of access to certain features, as well as problems trading some asset classes on the no-fee app. Others said they could not see their account balances.

Kraken

Kraken Experiences Domestic USD Funding Delays

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