cryptonews French Bank Blocks Withdrawals from Kraken Crypto Exchange

[M auzi falevi 36]

An anonymous Kraken crypto exchange customer said that a French bank refused to withdraw funds from the crypto exchange into his personal account.  Bank Boursorama rejected two withdrawals on December 17 and 20 2019. Kraken said the bank had blocked transactions for several weeks.

 

In a letter Monday (06/01), responding to a customer's request to transfer funds between Kraken and his account, Boursorama wrote, "We are notifying that, following a decision by the company, we will no longer accept requests to transfer funds to this account."

 

Gregory Raymond, Capital journalist, who co-authored this issue, said that an operational error had occurred.  The bank claims not to block transfers to the crypto exchanges.  Raymond said the transfer to Kraken had reopened on Friday (03/01).

 

Kraken's staff explained to Decrypt that Boursorama's bank account was blocked, but then Kraken began to receive transfers back from the bank. The anonymous customer made a withdrawal on January 6 and made it to his bank account.

 

Responding to this, the customer said, "It is very worrying that I am not free to use my money as I wish.  Boursorama refused the transfer without explaining anything, it took 20 days to just tell me they did not accept this account again. "

 

The customer hopes that Boursorama can change their policies.  If not, he will move to another competitor bank, German N26 known not to block transfers.

[Rudro88 371]

I do not yet know exactly why the Kraken cryptos were forbidden to be withdrawn, but I think there may be a big reason why the Kraken cryptos were banned from being withdrawn.  So if there are any major issues, we will know something important to tell us later.

[Afrizal rahman 2636]

2 minutes ago, Rudro88 said:

I do not yet know exactly why the Kraken cryptos were forbidden to be withdrawn, but I think there may be a big reason why the Kraken cryptos were banned from being withdrawn.  So if there are any major issues, we will know something important to tell us later.

Yes we are not what the reason they forbid withdrawal of Crypto kraken. True to what you say, there may be a problem so they do the ban. What is clear is that we will see how the solution will be, at this time the problem is not yet known why.

[Rahul21 626]

I now understand that the crypto currency that the crypto currency in France has blocked, and I can't even imagine how long it will last.  However, the fact that Kraken Crypto Vidra was actually blocked in France did not seem to me to be accurate, in this case I think Crypto Currency will bring a lot of blows.

[BTC Future 3946]

This is stupid coming from a regulated EU financial institution. If I had account in this bank I'd instantly withdraw everything and move on to the next one. Seriously this is probably breaking the law too. What a dumb move by this bank.

[PiroSense 2681]

3 hours ago, M auzi falevi said:

The customer hopes that Boursorama can change their policies.  If not, he will move to another competitor bank, German N26 known not to block transfers.

Banks are notoriously known to contradict and block funds from related with cryptocurrencies. This is because of regulation by the government, and also because they have no control with such currencies.

[Amirul Islam 382]

On 1/9/2020 at 2:53 PM, M auzi falevi said:

An anonymous Kraken crypto exchange customer said that a French bank refused to withdraw funds from the crypto exchange into his personal account.  Bank Boursorama rejected two withdrawals on December 17 and 20 2019. Kraken said the bank had blocked transactions for several weeks.

 

In a letter Monday (06/01), responding to a customer's request to transfer funds between Kraken and his account, Boursorama wrote, "We are notifying that, following a decision by the company, we will no longer accept requests to transfer funds to this account."

 

Gregory Raymond, Capital journalist, who co-authored this issue, said that an operational error had occurred.  The bank claims not to block transfers to the crypto exchanges.  Raymond said the transfer to Kraken had reopened on Friday (03/01).

 

Kraken's staff explained to Decrypt that Boursorama's bank account was blocked, but then Kraken began to receive transfers back from the bank. The anonymous customer made a withdrawal on January 6 and made it to his bank account.

 

Responding to this, the customer said, "It is very worrying that I am not free to use my money as I wish.  Boursorama refused the transfer without explaining anything, it took 20 days to just tell me they did not accept this account again. "

 

The customer hopes that Boursorama can change their policies.  If not, he will move to another competitor bank, German N26 known not to block transfers.

It’s a bad news for the exvhanger users. I think the exchanger will make an alternative way to give service to their users.   

[Whited35 15285]

It would not consider the fault of Karken exchange. Maybe Bank was itself thinking like there is not some actions going correctly. If Bank finds some suspicious activities while performing tradings--they can suspend some actions for the some duration. 

[fatima123 320]

Don't worry this is happening some time soon this will resolve issues between exchange and banks of French. Why this happened can you us some clear information regarding that issue .

[Hanan951 841]

What we can ask for is what they are doing with kraken maybe they are making trouble maybe founds or they don't pay what they need to puy.

[Opinder 1310]

It could be operational error or bank wanted to change policy. Because within few days bank again unblocked for Kraken exchange without any problem. So it is not any big issue.

Edited March 18, 2020 by Opinder
Error

[bliznec 22267]

This means that the funds that came into the account of the French Bank were very huge funds, in relation to the participle of the funds. That blocked the Bank of France accounts, because the turnover was large. Maybe because of this reason. 

[jacker 1095]

hmm, is this a ban issue? This makes me puzzled by the fact that there is no reason to do so, or they have encountered some problem or inconvenience. I just hope the problem is solved soon and everything is back to normal

[Whited35 15285]

It is the right of French bank to deny the deposit from the cryptocurrency exchange platform if there is something which is not looking okay. I think there were some sort of the  problems or the issues which should be solved by both sides like Kraken and the french bank. 

[Mishu1234 101]

This is very bad the bank should not have done this tgey only want control over cryptocurrency so something should be done over this   

This is very bad the bank should not have done this tgey only want control over cryptocurrency so something should be done over this   

[CryptoMaxim 3829]

On 22.02.2020 at 15:13, fatima123 said:

Don't worry this is happening some time soon this will resolve issues between exchange and banks of French. Why this happened can you us some clear information regarding that issue .

I also think there is some temporary problem. Perhaps this refusal is related to some financial checks and only for this time payments are suspended.

[rekter 8129]

I am pretty sure that these were very high amounts he was withdrawing from Kraken and transaction got flagged for inspections due a possible criminal activity. Many people seem to still forget that it's really banks who own your account then it comes to it.

[Interface User 1070]

As I know Europe have a good move in acceptance of crypto currency but why France and its banks banned it? I hope there is a good reason in this kind of movement because if not another opportunity will turn to dust.

[rianpedia 816]

19 minutes ago, Interface User said:

As I know Europe have a good move in acceptance of crypto currency but why France and its banks banned it? I hope there is a good reason in this kind of movement because if not another opportunity will turn to dust.

Actually not refusing, other countries like France are only afraid that their country's currency will go down in value. the presence of crypto will be a rival in the country's currency. might need to be thought through carefully.

[tienda 8776]

I think event like this happened and will happen always, but I think this happens between the companies, in this case between Kraken company and Bank, but they will understand each other.

[SuperCrypto 7193]

Perhaps this platform has previous problems with the French bank, so it no longer wants to deal with it, but you can not withdraw from this platform in another way or transfer your balance to another wallet currency and withdraw it through a broker other than the French bank.

[Interface User 1070]

1 hour ago, rianpedia said:

Actually not refusing, other countries like France are only afraid that their country's currency will go down in value. the presence of crypto will be a rival in the country's currency. might need to be thought through carefully.

For me they must not afraid. Because as I know we need crypto currency and the fiat system itself. Because for me crypto currency have limitations that can fulfilled by fiat and vice versa. I hope there is good relationship between the two.

[Captain Karim 0]

That bank must have its reasons for freezing that person’s account and not accepting transfers in paper currencies to his bank account from the Kraken exchange platform.

[Raqeebzy 6456]

Maybe it is because of that particular wallet alone. Maybe that particular bank don't want to trade with kraken anymore. It is advised to try using another bank and a different exchange.

[Rezort 846]

It was definitely a wrong move from french bank because should have given users of the kraken crypto exchanges chance to withdraw their money from there.