Changes for Clients Residing in the United Kingdom

The Financial Conduct Authority (FCA) has introduced new rules for crypto assets in the United Kingdom (UK). Due to the new regulations imposed by the FCA, Kraken’s UK clients will experience changes accessing the Kraken product.

To ensure our UK clients still have the ability to continue using Kraken, we implemented an assessment questionnaire and a self categorisation option to abide by the FCA’s new rules.

The changes outlined below only apply to retail clients residing in the United Kingdom.

What is changing for me?

The new FCA rules will have come into force, which means that:

Both new and existing clients are required to complete the assessment questionnaire to ensure there is no break in service for clients to use Kraken products. Please ensure you have completed the questionnaire to maintain access.

You can review existing restrictions for our UK clients.

What if I have not completed the questionnaire?

If you have not completed the questionnaire, you will not be able to use our products until you complete it. You will see a banner prompting you to complete the questionnaire, please complete the questionnaire as soon as possible.

What is the assessment questionnaire?

The brief assessment questionnaire is intended to help us assess your understanding of the risks involved in trading cryptoassets. You will need to complete this questionnaire to continue to trade crypto and access the products Kraken has to offer.

For more information on the questionnaire visit: UK Investor Education

What happens if I fail the assessment questionnaire?

If you do not successfully complete the assessment questionnaire, you’ll be allowed to take another attempt immediately. If you are not successful on the second attempt, you’ll be able to try again after 24 hours.

We’ve prepared some educational content that you are likely to know already and if not, it will help you understand the risks involved in greater detail.

What is self categorisation?

Self Categorisation is a declaration of your current circumstances for statistical purposes. The categorisation you fall under will not affect products available to you, or cause any restrictions.

There are two categories available for you to choose from. These are based on your personal circumstances. Examples of the declaration for self categorisation can be found below:

Other changes:

You will see a banner at the top of our website and apps which is needed in order to comply with the FCA regulations.
Our marketing material, such as emails about services, will include a disclosure to comply with the FCA regulations.
Our Affiliate and Referral programs will no longer be available to clients residing in the UK.

If you have any questions or concerns, our Support team is available to assist you 24/7/365.