Kraken investigates funding gateways due to deposit and withdrawal delays.
- Kraken experienced delays in its operations due to technical problems with crypto funding gateways.
- The exchange was able to resolve the issue quickly, but the exact cause has not been disclosed.
- The delays caused panic since they occurred at a time when crypto exchanges in the US are under scrutiny by the SEC.
Kraken, a cryptocurrency exchange, recently experienced a technical issue that affected several crypto funding gateways, including Bitcoin (BTC), Ethereum (ETH), and ERC-20 tokens.
Users from various locations reported delays in deposits and withdrawals, highlighting the fragile infrastructure supporting the transactions.
Swift response by Kraken
After customers raised the issue, Kraken announced on its status page earlier today (7:15 am UTC) that deposits and withdrawals were facing challenges. The exchange immediately set to work on fixing the issue, and by 8:55 am UTC, the delays had been 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 suspended temporarily for about 10 minutes for scheduled maintenance, which was separate from the earlier delay issues.
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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
In the midst of the brief technical glitch, Kraken and other cryptocurrency exchanges are dealing with the uncertainty caused by the SEC’s legal action against Binance and blockchain. The US SEC first sued Binance before later announcing that it had also sued blockchain today.
Arcra’s Chief Investment Officer pointed out that the measures taken by the SEC against Binance indirectly impact tokens listed on blockchain, Kraken, and other crypto exchanges with a presence in the US.