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Kraken started requiring users from the UK to verify their self-custodial crypto wallets

kraken-started-requiring-users-from-uk-to-verify-their-self-custodial-crypto-wallets
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Kraken started requiring users from the UK to verify their self-custodial crypto wallets

Crypto exchange Kraken now requires U.K. users to verify self-custodial wallets or validate wallet identities, referring to local regulations.

According to an X post published by James Van Straten, analyst at CryptoSlate, the U.S.-headquartered crypto exchange Kraken has started requiring its users from the U.K. to verify their self-custodial wallets, referring to “regulations in the U.K.”

Later, Kraken Support confirmed sending out requests to its users from the U.K., although the specific regulations necessitating this action were not disclosed.

The email shared by Van Straten outlines the details of Kraken’s request, which includes users confirming ownership or control of self-custodial wallets used for cryptocurrency transactions. Additionally, users are required to provide information about external self-custodial wallets and the residential address associated with the owner of a crypto address.

Failure to comply with these requirements by Feb. 23 will result in a ban from the exchange until the necessary information is provided, the email reads.

Kraken’s latest move aligns with a broader trend among crypto exchanges to map out external crypto addresses with which their customers interact. Bitstamp, a European crypto exchange, also started following a similar approach in early 2021, citing new regulations from the Dutch government.

Additionally, reports reportedly that Coinbase, a public U.S.-based exchange, is also implementing requirements for users to provide recipient names, physical addresses, and the purpose of transfers.