Kraken

Kraken has had no major security breaches since 2011 and uses advanced cold storage systems (Cold Storage) and hot wallets (Hot Wallet) to keep over 95% of user assets offline.

• FIDO2 two-factor authentication with Passkeys support for higher security

• Global Settings Lock

• Email confirmation for adding a new withdrawal address

• PGP encryption for secure emails

• Customizable account timeout setting

• CCTV surveillance and armed guards

• Full encryption of sensitive data at rest and in transit

• SSL encryption for secure site browsing

• Bug Bounty program for identifying vulnerabilities

Kraken Exchange Licenses

Kraken is one of the few exchanges that operates with a multi-layered licensing system and is licensed by reputable global regulatory bodies. It is registered in the United States as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN) and is overseen by the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

Furthermore, in 2020, Kraken succeeded in obtaining the first Special Purpose Depository Institution (SPDI) license in the state of Wyoming, making it the first crypto exchange with a banking license in the United States. 

The platform also holds ISO/IEC 27001:2013 and SOC 2, Type I security certifications.

• Staking: Earn passive income from over 33 cryptocurrencies by receiving weekly rewards.

• Kraken+: A premium subscription that enables fee-free trading up to $10,000 per month.

• OTC Trading: Featuring personalized pricing for high-volume traders.

• Kraken Custody: For storing assets of large investors and institutions with bank-grade security.

• Kraken Security Labs: Identifying and patching vulnerabilities in the crypto ecosystem.

• Bug Bounty Program: Rewarding individuals who report security bugs.

• Krak App: Easily send and receive funds using a Kraktag without the need for a wallet address.

• Stock Trading: Access to 11,000 US stocks and ETFs (for US users only).

• xStocks Trading: Stock tokens for non-US users.

• Professional API: For algorithmic traders and trading bots.

Yes. Kraken is sanctioned for Iranian users.

Restrictions

• Sanctions on Iran; Iranian users cannot register at all (even with a VPN).

• Mandatory KYC (Know Your Customer) for all users without exception.

• Anonymous trading is not available; identity verification is required.

• Minimum age requirement of 18 years.

• Using a VPN to bypass geographical restrictions is ineffective.

• Daily withdrawal limits depend on the verification level.

• Access to cryptocurrencies; some cryptos are restricted in certain countries.

• Payment methods are restricted based on geographic region.

• Stock trading is only for US users (in eligible states).

• Banking support; some local banks are not supported.

Furthermore, Kraken does not operate in the following countries and regions:

Iran, North Korea, Cuba, Syria, Russia, Belarus, Afghanistan, Libya, Iraq, Sudan, South Sudan, Democratic Republic of the Congo, Japan, the Crimea, Donetsk, and Luhansk regions of Ukraine, and also, Kraken does not provide services in the United States in the states of New York and Maine.