Upcoming changes for our US clients

On June 1st, 2024, Kraken's US facing entity, Payward Ventures Inc., is changing to Payward Interactive, Inc. To reflect this change, the Kraken Terms of Service have been updated.

In order to continue using Kraken, we ask that you agree to our new Terms of Service by signing in to your account, and pressing the “I accept” button.

In addition to agreeing to the new Terms of Service, there are other important considerations depending on the activities you do on your Kraken Account

For clients who use our API

You must sign in to the Kraken platform and accept the new ToS, otherwise your ability to deposit, withdraw and trade will be restricted, including over API. Please note that there is no way to consent to the new ToS through API, so you will need to use one of our Web or Mobile platforms.

For clients who make wire deposits to fund their Kraken account

What do I need to do?

Please go to your bank provider and add our new bank details, which will be published as of June 1st, 2024. You can learn how to on our How to Deposit article.

Please note that we can not provide the new bank details until June 1st, 2024. We apologize for the inconvenience.

View bank details here.

Why are we changing our bank details for Wires?

Kraken is transitioning US clients from facing Payward Ventures Inc. to Payward Interactive, Inc. With this transition, new bank accounts will be utilized at this new entity.

In order to prevent potential issues during the change between bank accounts, we strongly recommend not initiating wire deposits on Friday, May 31st.

What if I don’t update my bank provider with these new bank details?

Banking details currently used will be shut down, if you attempt a deposit using these old banking details, the deposit will fail.

What about ACH transfers?

If you accept the new ToS before June 1, there will be no interruption to ACH or any other services.

For clients who have a recurring buy enabled

If you have a recurring buy enabled on your account and do not agree to the new ToS, your order will be paused on June 1st. In order to continue uninterrupted service, please agree to the new ToS before this date.

For clients who place orders

If you create orders on Kraken Pro or Classic, your ability to place new orders as of June 1st, 2024 will be restricted if you do not accept the new ToS. Orders placed before this date will execute as planned, so long as there is sufficient balance.

For clients who place margin orders

If you create orders with margin on Kraken Pro or Classic, your ability to place new margin orders, or modify existing margin orders, as of June 1st will be restricted if you do not accept the new ToS. Existing margin positions opened before June 1st, 2024 will continue to be rolled over until they are closed.

Services in Maine

Kraken will halt services for clients residing in Maine as of June 1, 2024. While we are halting service in the short term, we hope to reinstate services at a later date.

What this means for Maine residents

Starting June 1st, you will no longer be able to trade or deposit funds in your account. You will have a specified period to access and withdraw your assets. If you do not withdraw your funds within this timeframe, they will be considered abandoned and subject to state laws regarding unclaimed property.

You have the option to either transfer your cryptocurrency to an external wallet or sell your portfolio and withdraw the proceeds to a bank account. Until May 31, you can withdraw fiat using any of our available funding methods. However, from June 1 onwards, your fiat withdrawal options will be limited to ACH transfers only.

FAQ for Maine residents

Why is Kraken halting service to Maine clients?

While we always strive to provide access to as many clients as possible, at times, there are specific state level considerations that impede our ability to do so.

Will you be resuming services in Maine in the future?

Although we expect to restart services to Maine clients in the future, we don’t have a firm timeline at this moment.

I can’t sign into my account! How can I get my funds?

Please visit our guide on how to sign in to your account which will walk you through troubleshooting steps, so you can access your account as quickly as possible.

What is the deadline to withdraw my funds?

We ask that you withdraw your funds as soon as possible, prior to June 1. While funds will still be accessible for withdrawals on Kraken's platform after June 1, Maine laws will dictate a legal limit on how long we hold inactive client funds.

If you resume services in Maine, will I need to make a new account

Unless you choose to close your account, clients in Maine will continue to have Kraken accounts, and if restrictions are removed, functions will return to these accounts.

Will I be able to withdraw funds after June 1st? What funding rails will be available?

After June 1st, USD withdrawals will only be possible via ACH.

Crypto withdrawals will continue to be available after June 1st.

What will happen to the crypto of Maine clients after June 1st?

We value the trust our clients put in us and we are committed to ensuring a seamless transition.

Do you expect to exit other states?

We care deeply about our mission of accelerating the adoption of cryptocurrency globally and Kraken remains committed to growing in the U.S. market. We continuously evaluate our presence across all geographies and regions we operate in and will always strive to provide access to as many clients as possible.

We don’t have any other changes to share.

Does this have anything to do with the SEC?

The SEC lawsuit against Kraken is unrelated and was not a factor in deciding to stop serving Maine clients.

Is this related to any regulatory issues that Kraken is having?

Kraken can’t comment on its discussions with specific regulators. We continue to strive towards our mission of accelerating the adoption of cryptocurrency. This goal is our first priority as we engage with clients, the general public and regulators.

The modal says you are shutting down services in Maine, but your email says you are halting services - which is it?

We are halting services and we expect to restart services to Maine clients in the future, though we don’t have a firm timeline at this moment.