Re-verifying your German account

This article is tailored for clients located in Germany. If you are not located in Germany, visit this article.

German clients wishing to use services without interruption must reverify their identity and update their account. As per regulatory requirements, Kraken is offering a remediation window in which clients can perform the required actions before the platform is live, more details are available here and below.

How to Re-verify

If you wish to continue using our services, please ensure you complete the re-verification process.

To re-verify follow the steps below:

1.
Sign into your account and click Get started.
2.
You will be shown a prompt to accept the new Terms of Service and Privacy Policy. To continue, accept the new TOS and Privacy Policy.
3.
Confirm your address. The address associated with your account will be pre-populated in the given fields. If the information is correct Continue.
Note: If any of your information needs to be updated, e.g. your home address, you will need to contact Support to change this prior to re-verifying.
4.
Next, update your Personal information including your Tax identification number.
5.
Finally, you will be asked a few questions about banking information and product usage.
6.
That’s it! Please allow some time for our team to process your request.

We may request more information from you. If this is the case we will let you know via email or via a popup when you sign in to your account.

Video identity verification

After completing the steps above you will need to go through video verification to fully complete this process. The identification process via video call is used for the online identification. Your identity is verified through a quick live video call with Account ID.

1.
You will be prompted to complete identity verification during account creation.
2.
Download the Account ID app. Here you will be guided through the process. During the video verification process you ID documents will be automatically collected and verified (if correct).
3.
Once video verification is complete, you will be taken to the homepage of your account.

Tips for a successful identification:

•
Have an ID Document (national ID card or passport) and a mobile phone that can receive SMS at hand.
•
It is important that you have your camera and microphone enabled, have a stable internet connection and the lighting conditions are good.
•
Have good lighting conditions.
•
Ensure you are the only person in the frame.

Re-verification for Business accounts

1.
Sign into your account. You will see a a popup modal prompting you to re-verify, click Get started.
2.
To continue, accept the new Terms of Service.
3.
You will then be prompted to add a new two factor-authentication method. Click here for steps on how to do so.
4.
Next you will be required to fill in your business information. This is to check the information associated with your account is up-to-date.
5.
Update your Business registration information and upload your corporate documents.
Visit this article for all the information you need on the documents required.
6.
After submitting your corporate documents you will need to provide additional information about your business and complete the KYC and AML questionnaire (2-3 minutes).
7.
Finally, please submit the Account opener information. For this we require one valid form of ID.

Re-verifying After mid-September, 2024

Clients are still able to re-verify their account after the full service suspension. This can be done by either logging into the platform or following the instructions contained in prior email communications. Clients who do not wish to re-verify after this date, but still have assets on the platform, should contact Kraken Support to close their Kraken account and withdraw their assets from the Kraken platform.

Please note, access to assets will be dependent upon meeting legal KYC requirements.

What if I don’t want to re-verify?

If you do not wish to re-verify your Kraken account, your open positions will be closed and trading will be restricted from initial service suspension*. You will be required to withdraw all fiat* and crypto assets from your Kraken account before September 10, 2024. If your assets are not withdrawn before this date and you do not wish to re-verify, you must contact Kraken Support to close your account and withdraw your assets.

*NOTE: Even if you do not re-verify you will, from mid-September, 2024, contract with Payward Ireland Limited, trading as Kraken, for e-money services as more fully described in (Annex G of the Kraken Terms of Service). To reflect this change the Kraken Terms of Service will be updated to include Annex G (Payward Ireland Limited’s services) and add Payward Ireland Limited as a Kraken service provider for e-money services. If you do not re-verify by mid-September, 2024* and you have not closed your Kraken account, you will be deemed to have agreed to the new Kraken Terms of Service as of that date. In order to facilitate your continued use of e-money services, Payward Ireland Limited will process your personal data as data controllers in line with Kraken’s Privacy Notice.

Initial Service Suspension

If you have not yet re-verified your account, you will not be able to access our services. You are still able to re-verify after this initial service restriction. Upon re-verifying, you will have account functionality restored. Please note, this only applies to clients with personal accounts.

If you have not re-verified:

•
Your open positions and orders will be closed for all trade types.
•
Your ability to place new orders or open new positions will be suspended.

As a reminder, upon reverifying, clients will have account functionality restored.

If you have any further questions, please don't hesitate to contact Kraken Support.