Kraken, a popular crypto exchange based in the U.S., has implemented new rules for its users in the U.K., requiring them to verify their self-custodial wallets or validate their wallet identities in accordance with local regulations. The announcement was made in a post by James Van Straten, an analyst at CryptoSlate.
Kraken Support has confirmed that requests have been sent out to users in the U.K., although the specific regulations prompting this action have not been disclosed. Users are now required to confirm ownership or control of their self-custodial wallets used for cryptocurrency transactions. They must also provide information about any external self-custodial wallets and the residential address associated with the owner of a crypto address.
Failure to comply with these new requirements by Feb. 23 will result in a temporary ban from the exchange until the necessary information is provided, as outlined in the email shared by Van Straten.
This move by Kraken is part of a larger trend in the industry, with other crypto exchanges like Bitstamp in Europe also taking similar steps in response to new regulations. Even Coinbase, a prominent U.S.-based exchange, is reportedly implementing requirements for users to disclose recipient names, physical addresses, and the purpose of transfers.
In related news, MEXC has reportedly tightened its regulations for users from China who have not completed KYC verification. Stay updated by following us on Google News.