A few days ago I received an email from Kraken team. Essentially, it was an email which informed me that I had to upgrade my account from Tier 2 to Tier 3 to be eligible for future deposits and withdrawals with fiat money.
There is a change coming on Tuesday April 2 that may affect you if you make bank deposits or withdrawals through your Kraken account. Your account is only verified to the “Tier 2” level, which in some countries enables bank funding in small amounts of $2,000 USD or less. In order to streamline our client experience and offer better overall service, we are simplifying the Kraken verification levels. Since your account is only verified to Tier 2, the change on April 2 means that an upgrade will be required to have continued access to bank funding. Upgrading your account is a smooth and easy process requiring documentation such as a government issued ID and proof of residence. After the upgrade you will enjoy much higher funding limits and other benefits such as higher margin trading limits and access to Kraken Futures! You can upgrade your account at any time, just click the “Get Verified” tab in your account to get started (prior to April 2 upgrading to Tier 3 will be sufficient).
What if I don’t upgrade?
If you do nothing then, after April 2, you will no longer be able to make bank deposits or withdrawals through your Kraken account. All of the other services currently available to your account will remain. You will still be able to deposit and withdraw crypto and trade all of our currency pairs (including fiat pairs).
Thank you for choosing Kraken, the trusted and secure digital assets exchange.
The Kraken Team
Those of you who are not familiar with Kraken, let me explain a little further.
It is crypto exchange based in US. Actually one of the first that were founded. It is well known for its credibility and provides great services with relatively low fees. But one of the most important features is that it also provides fiat to crypto trading.
Without further delays, and since I use their services a lot both for withdrawals and deposits with fiat, I provided the necessary documents and got verified within the next couple of days. The new Tier provides higher limits but it seems that it was a part of an overall upgrade to their services.
According to a recent Tweet they uploaded, more that 10.000 people got verified during the first week. Which indicates a great interest for their services but especially for the chance the give to turn possible profits into fiat money (until this type of money is gone for good :P)
These are the coins listed on their site so I thought to myself...why the hell not? And just like that I decided to send them a message. I really hope for a reply. I could be a big NO ooor...it could trigger something a lot bigger.
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Time will tell....
Cheers