Cryptocurrency exchange Kraken, in an effort to comply with UK regulations and requirements, has made it mandatory for UK users to verify self-custody wallets or confirm wallet identities.
This was first reported by CryptoSlate analyst James Van Straten on his X (Twitter) page.
Loading...
According to Crypto.News, the cryptocurrency exchange's support team confirmed sending the requests to its UK clients but did not specify the reasons.
Kraken said in an email that users must confirm ownership or control of wallets used for cryptocurrency transactions. They must also provide information about external self-service wallets and a residential address associated with the owner of the crypto address.
Kraken emphasized that users who fail to meet these requirements by February 23, 2024, will not be able to use the exchange's services until the required information is provided.
Kraken is not the first exchange to require users to verify self-custody wallets. In 2021, Bitstamp required clients to verify ownership or control of their wallets, citing new rules adopted by the Dutch government.
US cryptocurrency exchange Coinbase also intends to require users to provide information about the recipient's wallet type, the name of the exchange (if the assets are not sent to a self-custody wallet), the recipient's full name, and their country of residence.
Read also: Coinbase closes PlayDapp token (PLA) trading
