2024-02-17 18:33:25
Kraken, the US-based crypto exchange, has started asking its users for more information about their own non-custodial crypto wallets, which are used for transactions on the exchange. THE Kraken sent an email to some of its UK customers saying that if the requested information was not provided, their accounts could be blocked until it was disclosed.
US crypto exchange wallet demands data in UK
One of the largest American crypto exchanges is therefore increasing the supervision of transactions of its own crypto wallets. Kraken would require users to identify the data of their own self-custody wallets, which were used by English customers for crypto exchange transactions, – according to an email published on X by James Van Straten, Cryptoslate’s chief analyst.
In an email to an unnamed customer, Kraken is required under UK regulations to “keep up-to-date information about our customers and their account turnover in relation to self-custody wallets.” So about those where only the owner has control over the private keys that provide access to crypto-assets.
As the legitimate confirmed via e-mail, Kraken requests confirmation of ownership of self-custody wallets used for transactions to and from stock wallets. Conversely, if the crypto wallets used to conduct transactions are not under the customer’s control, Kraken requests the names and addresses of the people who control those wallets.
The exchange added that if this information is not received by February 13, it will block the referenced account. He practically gave an ultimatum to the unidentified customers.
Van Straten noted that the move marks the beginning of a surveillance state in the UK. Cris Carrascosa, a lawyer dealing with cryptocurrencies, noted that similar regulations should be introduced in all countries of the European Union (EU), which should be applied from December 30 of next year.
This is Regulation (EU) 2023/1113 on information accompanying the transfer of funds and certain cryptocurrencies, also known as the Transfer of Funds Regulation (TFR). This establishes similar data provision requirements for transactions where at least one of the service providers facilitating the transactions is located in the EU.
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