Kraken mandates self-custodial crypto wallet verification for UK users

Kraken, the U.S.-based cryptocurrency exchange, has recently announced that it now requires users from the United Kingdom to verify their self-custodial wallets in accordance with local regulations. This information was shared by James Van Straten, an analyst at CryptoSlate, who revealed that Kraken Support had sent out requests to its U.K. users. Although the specific regulations behind this decision were not disclosed, an email shared by Van Straten outlined the details of Kraken’s request. Users are now required to confirm ownership or control of their self-custodial wallets used for cryptocurrency transactions. They must also provide information about any external self-custodial wallets and the residential address associated with their crypto address. Failure to comply with these requirements by February 23 will result in a ban from the exchange until the necessary information is provided. This move by Kraken is in line with other crypto exchanges, such as Bitstamp and Coinbase, who have also implemented similar measures to comply with regulations and ensure the transparency of user transactions.