cryptonews French Bank Blocks Withdrawals from Kraken Crypto Exchange

[Nezar 7169]

I think what this bank did is very bad and annoying, and I think this decision will make a lot of people withdraw their money from it and move to another bank.

[bitcoin-shark 1928]

here too (in Italy) there are still some banks that refuse transfers to and from exchanges, they are trying in every way to hamper progress, the future that is crypto, fortunately, however, there are other banks that facilitate these types of transfers and are crypto friendly

[Shaza Ahmad 1682]

Well, if he got his money back there is no problem, he can try another bank, maybe there are problems between this French bank and the Kraken exchange, and maybe they need some time to solve it.

[Saj555 2250]

I was so panicked to read the title of the post. But finally  a relief has occurred. Because that was a temporary situation about holding the transfers or withdrawal. The bank has started the transfers again and it was only a technical error. So i hope that this wonderful exchange will grow much higher with time. Becauseother banks will also be involved with cryptocurrencies with time i guess.  

[magd 5231]

France did not ban the cryptocurrency completely, but perhaps there are specific taxes with Kraken, which caused the French bank to prevent withdrawals or the Central Bank failure to accept cryptocurrency transactions.

[BTC Future 3946]

On 1/9/2020 at 10:53 AM, M auzi falevi said:

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.

So he did manage to get the money deposited? I'm confused.

Still whenever a bank does not accept a wire transfer the money always return back to where they were sent for. Although having first hand experience I would always suggest to be vigilant and even if the amount is 1$ always hold your bank statements and your deposits amount at real time on your own. There will be times when payments will delay and banks do mistakes as well.

[TimopheyKa 3900]

It's an interesting situation, but what made them do it? What is most interesting, the situation is very simple, and very clearly shows the course of the company, which they wanted to make bypassing the state, which is very stupid!

[Alimhana930 1605]

France is not one of the countries that fully cooperates and provides facilities for crypto traders in terms of allowing government banks to deal with the platforms, unlike Germany, Switzerland and Canada. But it will change soon, because we can liken crypto to infection and spread gradually, and we will see whole countries change their financial systems depending on the blockchain.

[Moaz 7239]

According to your post, the reasons for preventing withdrawal from  Kraken Crypto Exchange are still unknown, and that this ban is temporary and will return to normal matters between the French bank and this platform, and according to my opinion that banks always have complicated procedures in any financial transaction Related to cryptocurrencies

[CryptoDemon 370]

On 1/9/2020 at 4:53 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.

Maybe there is a thing that french doesn't want on kraken coins so we should accept their decision. They still have different crypto currencies that is legalized so we don't need to worry.

[Cryptomint 433]

Yes it is an older news. But there are many more exchanges which are now working well in this country and people are using...

[khan22 3478]

May in that exchange there is any issue becasue most of the banks will not make an issue like this and they except the withdraw but if the bank see any issue that do not except the withdraw of the client becasue the bank security is most important.

[Syedbesharat 5423]

As financial institution Bank have clear policies and it not run by single person who stop transaction. They have to clear about their policies and make crystal clear policies about crypto payments either they are gonna accepted or not. Because their own customers are gonna effected from those action. The denial need explain because it have to be clear why they have stop trading with exchange or why they didn't inform their own customers about their policies.

[Ryken8 545]

Hearing news like this on Centralized Financial Instututions makes me sick. These institutions think they can just do whatever they want because they are big and the customer cannot do anything about it. In the first place it is not even their money, what right do they have to dictate to the customer what he can and cannot do with their own money! That is why we should strongly support the mass adoption of cryptocurrency and the decentralized financial system.

[wassim19 645]

Maybe other things happened to the site, or maybe he had debts, so the withdrawal was stopped, or the platform might be exposed to a fraud, so the withdrawal was stopped by the French bank

[Rosarvx 965]

some banks are notoriously known to contradict and block funds from related with cryptocurrencies, because the turnover was large

[percare 3192]

Kraken is regulated and accepted worldwide, having connections with most banks. If there is some problem with a french bank or another bank anywhere in the world it will make the bank look very bad. There should be less of this suspicions from banks and more acceptance.

[Mella 3680]

It is bad for bank to do that and any deposit if there is doubt should be dealt by research but not allow from Kraken means the bank is in mistake. Kraken as Coinbase are follow the american laws and have kyc and aml so they are not going to allow anything illegal.

[Fixfin 2569]

I've read sometimes of a few banks denying deposits from crypto exchanges. This is coming from the banks that don't seem to enjoy money from cryptocurrencies exchanges and have some inside command not to accept. It is bad for a European bank to do that without giving a reason.

[Cryptomint 433]

There will be any security reasons therefore the refused this. But they should not stop this thing because they can see the popularity of the cryptocurrencies world

[cryptovlek 2597]

On 1/9/2020 at 10:53 AM, M auzi falevi said:

but then Kraken began to receive transfers back from the bank.

At least they didn't confiscate the funds under some difficult to understand rule they might had. I would instantly move to another bank, this is serious and could be financial irregularity, also I would report this bank for not allowing deposits from foreign banks to financial authorities.

[teebasas 3018]

According to your post, the reasons for preventing withdrawal from Kraken Crypto Exchange are still unknown, and that this ban is temporary and will return to normal matters between the French bank and this platform.

[RoyalHouse01 9]

So are you saying that the exchanges can even hold your money with or without any reason? that means you should not keeping your money in the exchange for the long term?

[Abrar1122 10]

it is very bad thing because if even they are disconnecting the payments in the future they should at least allow the users to withdraw all their earning once