Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.

Changes to funding for UK retail clients

Last updated: 19 October 2026

On February 20, 2025, one of Kraken’s entities, Payward Services Limited, was granted an Electronic Money Institution (EMI) license by the Financial Conduct Authority. As a result, we updated our methods for cash deposits and withdrawals. This licensing allows us to offer more products and provide a better client experience. Any cash funds deposited to Payward Services Limited are safeguarded.

The below applied only to UK clients with a personal account. 

If you previously made manual deposits to Kraken via Banking Circle via FPS or SEPA/SEPA Instant, or Bank Frick via SEPA or SWIFT, your account details changed. For manual deposits via the Banking Circle method, we provided personal bank account details under your name. The same personal bank account was also used to process withdrawals from your Kraken account.

In all cases, your saved withdrawal addresses were removed from the Kraken platform and you needed to re-add them (see How do I update my deposit/withdrawal bank details section below).

We communicated the date at which the deposit and withdrawal methods on your account needed to be updated ahead of time. Once this date passed, clients needed to follow the instructions linked in the section below.

Important: It is now mandatory to have 2FA set up on your account. You will need to re-add your 2FA once the changes outlined above have been implemented. 

According to UK law, safeguarding of funds means that all your cash funds deposited to Kraken will be protected in the event of our insolvency, which means that they will be available for disbursement to you rather than to any other potential creditors.

  1. 1

    On your account homepage click Deposit.

    Deposit
  2. 2

    Select or search your preferred currency (in this example we are using GBP).

  3. 3

    Under the Deposit method dropdown, choose Manual bank transfer, followed by your preferred funding method (Banking Circle or Bank Frick). 

  4. 4

    Copy your new unique deposit details. If you have chosen a Banking Circle deposit method, the beneficiary details will consist in a unique account number on your name. No reference will be needed in order to credit the funds to your Kraken account. If you have chosen a Bank Frick deposit method, the beneficiary account will be in the name of Payward Services Limited and you will need to provide the displayed reference when initiating the payment in your banking app for us to be able to assign the funds to your Kraken account.

    Note: the new details will contain a bank account number and you will see either your own name or Payward Services Limited as the recipient. 

You can also visit our in depth guides for deposit on both Kraken web and Kraken Pro:

If you attempt to initiate a GBP deposit to a newly added bank account via Manual Bank Transfer - Banking Circle, you may see the following warning in your banking app:

"This account does not exist".

This is because it may take up to two business days for your bank to update their beneficiary bank accounts database. We suggest that you use the Easy bank transfer deposit option via Plaid until your bank updates their database. Some banks also allow you to override the warning and initiate a manual transfer. Please contact your bank if you have any further questions.

  1. 1

    On your account homepage click the Transfer tab.

  2. 2

    Next click the Withdraw button and choose the relevant currency under the asset dropdown.

  3. 3

    Under Method choose your preferred funding method (Banking Circle or Bank Frick).  Click Continue and fill in your new withdrawal details. 

Important: It is now mandatory to have 2FA set up on your account. You will need to re-add your 2FA once the changes outlined above have been implemented. Learn more here.

You may experience delays in depositing cash into your Kraken account or your funds may be returned to you.

Yes, if Plaid funding is available to you, you can continue using it the same way as you did before.