Kraken Has A Technical Problem Causing Withdrawals To Be Suspended

Key Points:

• Kraken has had issues with some crypto-deposit portals, which has resulted in the suspension of deposits and withdrawals at the exchange.
• In the latest update, this 30-minute problem has been fixed.
• The move comes as the market has been affected by the SEC and Binance events.

Kraken, a cryptocurrency exchange, claimed it investigated a problem with many crypto financing gateways, including significant ones like Bitcoin, Ether, and ERC-20, which was causing operational delays.

This causes the deposit and withdrawal at Kraken to be halted. At about 07:44 UTC, the first alert appeared with the following note:

“Deposits and withdrawals are currently delayed. We will provide any updates as soon as possible.”

After that, two updates at 8:06 and 8:13 a.m. UTC indicated that Kraken was still working to resolve the problem.

They said that they are applying the fix and monitoring the outcomes in the most recent update line. The status page did not make it apparent what was causing the problem.

At the time of writing, the status page has been restored to normal, with any updates concerning the delays and troubles gone. Kraken, along with Binance, is one of the exchanges that has seen high withdrawals in the past 24 hours.

This decision comes after the market saw a significant drop as a result of Binance being sued by the United States Securities and Exchange Commission (SEC). As a result, a wave of withdrawals from CEX through DEX is occurring. Several individuals believe that this may have led the exchange to have a technical issue and stop deposits and withdrawals.

The SEC’s action against Binance, Binance.US, and Binance CEO Changpeng Zhao (CZ) may have stunned the crypto world, but the SEC’s interest in the exchange was long known. The suit’s contents elicited a wide range of emotions.

CZ stated in a tweet on the morning of June 5 that “media gets the info before we do” and that the firm had not received the SEC lawsuit at the time. The two comments Binance published in response to the lawsuit show evidence of scurrying behind the scenes.

The event between Binance and the SEC affected not only the world’s largest exchange but also the entire industry. At the time the news was announced, the whole market was in the red, and some whales took advantage of the opportunity to make profits.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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