UK’s FCA blacklisted major crypto exchange Kraken

Kraken may be one of the largest exchanges in the cryptocurrency industry, but that did not stop the British regulator Financial Conduct Authority (FCA) from blacklisting it in the UK for providing financial services in the country without its authorization.

The FCA issued a fairly standard warning that lists the domain of the offending party, some email addresses and phone numbers that allegedly belong to Kraken. The domain was correct, but Kraken claims that those emails and phone numbers are not theirs, which is a strange detail to get wrong – and also a strange detail to deny in case it is not actually wrong.

Kraken also clarified that its futures trading platform called CryptoFacilities is already registered in the UK.

It would be interesting to see how this incident gets resolved eventually. Also, I am sure Kraken is not the only big crypto-exchange operating in that jurisdiction, why did the FCA target them specifically?

I remember it took a good while for them to approve my registration, but I have yet to even use them, probably will never use them to be honest

Because of that blacklisting or because of something else?

this was back in like 2018, but I think it was because they were getting so many requests at the time. This was around the time when bitcoin was all over the news and everyone started hopping in on it

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Oh, I see. Thank you for clarifying!

It’s a pity, I think. Kraken seemed to be alright, I wouldn’t have expected that from them. Maybe the Financial Conduct Authority wanted to blacklist only them and has other plans for the rest of the crypto exchanges. We’ll see.

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I was really surprised too when it happened. Kraken seemed to have a decent reputation.

That’s not great. I’ve used Kraken in the past and I was always pleased with the way they performed.

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I hope they haven’t had other problems since that happened.

I am kind of upset that Kraken got blacklisted but I guess it’s time to move one to a different exchange company. I have been reading a lot of about different markets and different currencies and looking for the potential changes and fluctuations in the potential crypto stock market. I have been looking for a new cryptoexchange platform and I did come across a new one. They have not been very long on the market compared to other companies but they have been really useful and I really have enjoyed their services. They work with many different currencies like bitcoin, etherium Stellar and many others. I think that I will use them in the future as well. Hopefully their business will be booming.

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Haven’t they gotten authorization since that happened?

Retracted, and they’ve been approved for crypto derivatives, targeting “sophisticated investor” clients, the first of it’s kind in the UK.

Well, that’s good news for Kraken.
Thank you for the update!

So their fortunes are improving further - they are in talks to raise new capital, which according to market analysts, will more than double the company’s valuation to over 10 billion USD.

I remember it took a good while for them to approve my registration, but I have yet to even use them, probably will never use them to be honest.

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