Kraken probing funding Gateways amid deposit and withdrawal delays

  • Kraken recently suffered operational delays due to technical issues with crypto funding gateways.
  • The exchange was however able to quickly resolve the problem although the exact cause hasn’t been disclosed.
  • The delays caused panic since they came at a time when crypto exchanges in the US are under scrutiny by the SEC.

Kraken crypto exchange recently suffered a technical glitch that impacted several crypto funding gateways. Among the affected crypto funding, channels included Bitcoin (BTC), Ethereum (ETH), and ERC-20 tokens.

Users from various places complained of deposit and withdrawal delays drawing attention to the delicate infrastructure supporting the transactions.

Swift response by Kraken

After customers raised the issue, Kraken earlier today (7:15 am UTC) announced on its status page that deposits and withdrawals were facing challenges. The crypto exchange then immediately embarked on rectifying the issues and by 8:55 am UTC, the delays were resolved according to an update given by the exchange on their status page.

At around 10:30 am UTC, Kraken’s futures trading platform was temporarily suspended for about 10 minutes for scheduled maintenance, which was separate from the earlier delay issues.

Kraken is one of the oldest cryptocurrency exchanges and it supports more than 200 cryptocurrencies and six fiat currencies.

Uncertainty caused by SEC’s legal action against crypto exchanges

Against the backdrop of the brief technical glitch, Kraken and other cryptocurrency exchanges are coping with the uncertainty caused by SEC’s legal action against Binance and Coinbase. The US SEC first sued Binance before later announcing that it had also sued Coinbase today.

Arcra’s Chief Investment Officer pointed out that the measures taken by the SEC against Binance indirectly impact tokens listed on Coinbase, Kraken, and other crypto exchanges with a presence in the US.

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