Due to a glitch, Kraken, a renowned cryptocurrency exchange, recently experienced a temporary delay in deposits and withdrawals. This is a problem with crypto funding gateways. This outage impacted major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and ERC-20 tokens.
The issue was discovered when Kraken’s status page flashed a notification claiming that deposits and withdrawals were being delayed. The exchange immediately launched an investigation and gave updates on its progress. Although the precise reason of the problem was not specified, Kraken informed consumers that they were working on a solution.
Kraken continues to address the issue with additional updates throughout the morning. Thankfully, the page’s status quickly restored to normal, suggesting that the problem had been rectified. However, no specifics on the source of the problem were provided.
In addition to this brief outage, Kraken alerted users of a scheduled maintenance window for its future platform. This upkeep was supposed to last 10 minutes. It is crucial to clarify that this upkeep has nothing to do with the previous issue with the financial gateways.
🔁 #Kraken swiftly resolves gateway issues, ensuring seamless cryptocurrency transactions for users!
— Walletor (@walletorapp) June 6, 2023
Kraken has recently been in the news owing to its legal dispute with the Internal Revenue Service (IRS). The IRS has requested customer information from Kraken, which appears to be unnecessary. Kraken feels that the IRS has overreached its jurisdiction by making unfounded allegations.
On the plus side, Kraken has been awarded permission to operate as a virtual asset supplier in Ireland. The company is now the third DeFi platform to be registered in Ireland. Another cryptocurrency exchange that has recently been allowed in Ireland is Gemini.
Furthermore, Kraken’s Chief Security Officer worked with a prominent livestream to tackle fraud. They collaborated to build a bogus cryptocurrency account on the exchange in order to expose and prevent criminal actors.
Despite the temporary halt in transactions, Kraken quickly rectified the problem with its financing gateways. The exchange’s dedication to security and compliance is demonstrated by its continuous legal battles and collaboration to protect its ecosystem. We’ll see what the platform’s future holds.