Everything you need to know about the acquisition of CleverCoin

What will happen to my account(s)?

On the morning of June 29th (UTC time), CleverCoin will halt service and begin the migration of all accounts to the Kraken platform. Upon completion, you will be able to log in at www.kraken.com and immediately begin trading with any bitcoin funds that are in your CleverCoin account(s) at the time of migration. Watch for a signed email from Kraken letting you know that your account is ready and providing everything you need to know to login to your new Kraken account.

 

What do I need to do before the migration?

  1. Read this FAQ (keep going!)
  2. Prior to the migration, make note of any orders you have open. During the migration, all open orders will be canceled. Orders will not be transferred and you will be responsible for recreating all former open orders within your Kraken account once the migration is complete.
  3. Download your CleverCoin account history immediately for safe keeping. The CleverCoin website will remain open for clients to download their account history for one week after migration.  



What do I need to do on June 29th
during the migration?

Your CleverCoin account will be transferred automatically and there’s no need to take any action. You'll receive an email from Kraken indicating that the migration is complete. Please be on alert for phishing attempts (more is explained below).

 

What do I need to do on June 29th once the migration is complete?

On June 29th, you will receive an email with instructions explaining how to log in at www.kraken.com. Important security precaution: The email you receive will instruct you to only navigate to Kraken manually by typing “www.kraken.com” into your browser. This is a simple security precaution that greatly reduces the chance of you falling victim to a phishing attack directing you to a fake website. If you receive an email asking you to click a link to go to Kraken and log in to your new account, you should assume this is a phishing email and not click the link. As an added precaution, the email will also be signed with our PGP key, which can be found here: https://www.kraken.com/en-us/security/pgp. (But if you don’t know how to verify signed emails, don’t worry - you will be well protected by following the simple instruction to only navigate manually to our site by typing “www.kraken.com”)

This email will tell you everything you need to know about your username, password, two-factor authentication, etc. in order to access your account.

 

How do I access my new Kraken account -- will my CleverCoin username, password and two factor authentication settings work?

All details will be provided in an email from Kraken on June 29th so there’s no need to worry. CleverCoin used email addresses to sign in to accounts whereas Kraken uses usernames. Your Kraken account username will be the stem of your email address (the part before the @ symbol) minus any special characters that are not permissible in Kraken account usernames.

For example, the CleverCoin account for satoshi.nakamoto@email.com would have the username satoshinakamoto on Kraken.

In the case where that username is already taken on Kraken, you will be assigned that username with 2 random digits at the end.

You will be able to access your account(s) with your new username and original password.  For clients who had two-factor authentication (2FA) applied to your account(s), this will not be transferred over. Everyone will be assigned a new second password that will be provided in the email. But it is strongly recommended that this password only be used for your first login and that you immediately create a new 2FA method after accessing your new Kraken account. You can do this by following these easy steps:

  • Log in to access your account
  • Click the “Security” tab
  • Click the “Two Factor Authentication” tab
  • Add two-factor authentication for security

 

What verification status will I have on Kraken?

Your CleverCoin verification status will be converted to its Kraken equivalent when the new account is created on June 29th. If there are specific concerns, you will be contacted privately via email. Kraken retains the right to request additional KYC documentation where necessary in order to provide certain services. From your Kraken account, you can view the verification tiers under “Get Verified.” At the bottom of the page under “Get Verified” you can click on the tier tabs to see which tiers you are currently verified for.  

 

What happens to my balances from CleverCoin?

All bitcoin balances, at the time of migration on June 29th, will carry over to your Kraken account. Fiat currency balances will not be migrated and should have been withdrawn before the migration takes place. 

 

Will I be able to withdraw after logging into my account?

For security purposes, we will be locking withdrawals for three days following the migration of accounts on June 29th. You won’t be able to withdraw your migrated balance until July 3rd.

 

Can I convert my transferred balance to another currency?

You cannot convert your transferred balance to another currency during the migration. However, upon completion of the migration, you will be able to trade / convert that balance into another currency by trading any of our currency pairs.

 

How are my funding options affected?

Kraken has many different deposit options that differ depending on which currency you want to deposit. For a full breakdown of our fiat deposit options please visit this page and for withdrawal options please see this page.

 

Can I deposit to the same bank details or bitcoin address as before?

No. You should deposit money by going to the “Funding” > “Deposit” page in your Kraken account and selecting the relevant currency from the menu on the left and following the instructions.

 

Will my withdrawal bank account details be carried over?

Withdrawal bank account information will not be carried over. You can add a withdrawal account by going to the “Funding” > “Withdraw” page in your Kraken account and selecting the relevant currency from the menu on the left. For clients in EEA countries, EUR SEPA payments are the best option since they give access to some of our most liquid markets and EUR SEPA payments are fast, usually processing in 1-2 business days through German BaFin regulated Fidor Bank. We also support USD and GBP payments (with CAD available in Canada and JPY in Japan).

 

I don’t want to become a Kraken client. Can I opt-out of the switch?

Unfortunately, we are required to transition all accounts due to compliance reasons, however, you are absolutely able to close your Kraken account by contacting support at support@kraken.com at any time after June 29th.

 

I still have questions. Can I talk to someone?

We have a global team that is available to answer your questions. You can submit a request at support.kraken.com.