Amidst rumors surfacing that users are unable to view the US dollar deposit option on crypto exchange Kraken’s platform, CEO Jesse Powell released a clarification statement on social media. He said that the US dollar withdrawal and deposit option was taken away only from non-US users.
He further added that only US dollar bank holders are allowed to use the USD withdrawal and deposit system of Kraken. Powell added that it is just a UI improvement. Hence, people are not able to view the funding methods that are usually available to them.
The rumors surfaced on October 21 and investors on crypto exchange Kraken’s platform speculated banking issues as the primary reason behind the supposed delisting of US dollars for selected users. The traders requested the company to issue a public statement on the issue as rumors began to circulate in various crypto communities.
Usually delisting of banking and payment options for a selected group of users and user interface changes, do not trigger speculation on potential banking issues of a major crypto exchange. However, the recent events surrounding the Bitfinex exchange have led investors to worry about the transparency, legitimacy and solvency of many exchanges in the ecosystem, as stated in the NewsBTC report.
Of late the banking struggles demonstrated by leading exchanges led investors and traders to react in a much more sensitive way than usual to crypto exchange Kraken’s minor UI change. Also, investors were concerned, since the exchange had delisted a number of USD trading pairs in August. The exchange had shared in an official blog post that in order to help mitigate the strain on its platform caused by recent exponential growth, it has decided to delist some of its illiquid trading pairs and temporarily suspend all advanced order types. It further stated that the exchange does not have any plans of re-listing any of these pairs, though this may be a possibility once it has ample capacity to do so.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]