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Overview of Changes for German Clients
The exact service start and other dates may vary. Clients will be contacted with confirmation of the dates.
The following information only impacts clients in Germany. All other supported regions are unaffected.
Kraken is excited to announce that we have entered a partnership with DLT Finance (DLTF). DLT Finance is a brand of DLT Securities GmbH and DLT Custody GmbH who offer leading BaFin-licensed digital asset brokerage and custodian services. This partnership enables German clients to be served with a localized product offering and is a key milestone as we continue the next phase of our ambitious European expansion strategy. German clients will still be able to access the superior user experience, market leading liquidity, and client support to which they are accustomed.
To read the full announcement, check out our blog.
Why has Kraken decided to enter into the partnership?
This move empowers Kraken to bring innovative products and services to market in Germany, in collaboration with DLT Finance, while working with European regulators to operate compliantly as crypto becomes mainstream across Europe. Looking forward, this places Kraken in a strong position to drive growth.
How does this impact me?
German clients who wish to continue using crypto and fiat (bank deposits and withdrawals) services will need to consent to Payward Ireland Limited and DLT Finance processing their personal data for the purpose of complying with GDPR. As a legal requirement, clients need to reverify their identity, and additional information must be provided.
German clients who have provided consent will be able to continue using Kraken services with no interruption. On July 10, 2024, your legal counterparties will become Payward Ireland Limited and DLT Finance. Based on your consent, they will have access to account information and trade history, to support account details continuity. Client crypto and fiat assets will be safely held in Payward Ireland Limited accounts and DLT Custody GmbH, respectively.
German clients who have not provided consent or updated their information by the deadline will have trading restricted, positions closed, and will need to withdraw their assets to an external wallet or platform before July 10, 2024.
Clients who do not wish to reverify their accounts and who have failed to withdraw their assets by July 10, 2024, will need to contact Kraken Support to close their Kraken account.
What is changing?
From July 10, 2024, verified clients will face BaFin regulated counterparties (DLT Securities GmbH and DLT Custody GmbH) for crypto services and a Central Bank of Ireland (CBI) regulated counterparty (Payward Ireland Limited) for fiat services (bank deposits and withdrawals).
There will be a number of changes to the experience as a result of the partnership and regulatory requirements. These are outlined below:
  1. 1
    User Interfaces: users will continue to access the same interfaces they are used to, which will reflect the new client-provider relationships.
  2. 2
    Fiat Funding: fiat deposit and withdrawal bank account details will change in line with the guidance here.
  3. 3
    Spot Trading: all Recurring buys and Spot orders will remain open.
  4. 4
    Staking: supported staked assets will be included in the Opt-in Rewards program and continue to earn the same reward rates.
  5. 5
    Opt-in Rewards: Opt-in Rewards will no longer be available for fiat or stablecoins. Balances will be opted-out and returned to clients’ accounts.
  6. 6
    Asset Support: support for most assets will be retained. In the case of unsupported assets, trading and staking services will no longer be available. NFTs will no longer be available to trade or deposit and will be set to withdraw only. Parachain auctions will no longer be available.
  7. 7
    Margin Trading: fiat and Stablecoin margin lending will be discontinued. Related orders and positions will need to be closed. Crypto asset margin lending will continue and related orders and positions will remain open.
Derivatives
From July 10, 2024, clients will be able to trade MiFID II regulated derivatives, for detailed information, please see here.
  1. 1
    All Kraken Derivatives clients will be required to complete an Appropriateness Assessment, which will assess the appropriateness of the client to trade derivatives.
  2. 2
    As part of increased investor protections, derivatives leverage for retail clients will be limited to 2x and 4x for opening and maintenance leverage, respectively. Professional clients will have differing leverage limits based on the margin schedule defined on a per product basis.
  3. 3
    Verified Retail clients will be required to have sufficient collateral in their accounts to cover the 4x maintenance margin limit from July 10, 2024 or positions will be closed.
  4. 4
    Clients who do not complete the new derivatives verification process by July 10, 2024 will have all positions set to reduce only.
  5. 5
    Kraken Derivatives will have enhanced investor protections through ensuring client appropriateness, prominent disclosures, and improved product governance.
What do I need to do?
Before July 10, 2024, clients who wish to continue accessing services must do the following:
  1. 1
    Once prompted, accept the new terms of service and agree to the GDPR notice.
  2. 2
    Reverify their account by providing additional information and reverifying their identity.
  3. 3
    Withdraw or exchange any unsupported assets, which from July 10, 2024 will be set to withdrawal only mode.
  4. 4
    If intending to trade derivatives, accept the new Terms of Service and complete a appropriateness test.
  5. 5
    Ensure, if classified as a Derivatives retail client, sufficient collateral to account for 4x maintenance margin limits from July 10, 2024 or positions will be closed.
From July 10, 2024, verified clients will need to:
  1. 1
    Update fiat deposit and withdrawal addresses.
  2. 2
    Withdraw any remaining unsupported assets, which will be set to withdrawal-only.
Which entities will be providing services under the partnership?
Changes to Crypto Services
DLT Securities GmbH and DLT Custody GmbH have been authorized by BaFin to provide digital asset brokerage and custodian services. As a result, some crypto services for German clients will be impacted, including slightly reduced asset support (including NFTs). The Terms of Service can be found here.
Changes to Fiat Services
Payward Ireland Limited, trading as Kraken, is authorized by the Central Bank of Ireland to provide e-money services throughout the European Economic Area. This means that Kraken looks forward to continuing to expand our cash funding options to make your experience better than ever before. For more information on e-money services and what it means for you, please see here. From July 10, 2024*, you will contract with Payward Ireland Limited for fiat payment services. In order to facilitate your continued use of fiat payment services (bank deposits and withdrawals), Payward Ireland Limited will process your personal data as data controllers in line with Kraken’s Privacy Notice.
*The exact service start and other dates may vary. Clients will be contacted with confirmation of the dates.
If you have any questions regarding this process please don't hesitate to contact Kraken Support who are available to help 24/7/365.