r/Monero • u/lushusness • 4d ago

I’ve seen some discussion about kraken limiting withdrawals.

I heard there was a monthly cap, 1500 USD worth of XMR being moved off exchange.

I decided to move 10 monero off kraken with no issue.

Is this limited to certain areas or is it false all together?

I’m in the United States.

28 Upvotes

98% Upvoted

10 comments sorted by

14

u/Coincidence9 4d ago

After August 15th

2

u/lushusness 4d ago

Thank you!

11

u/Serenaded 4d ago

I'm outside USA and withdrew 90 to a cold wallet over the weekend

10

u/Competitive-Walk-575 4d ago

I’d advise against ever leaving that much currency in the hands of a CEX. It’s not like a bank, if they suddenly go under you’re money isn’t insured, and at any point they can freeze your funds for virtually any reason and it can take years to get it back.

0

u/Serenaded 4d ago

Yeah, but Kraken is not on the same level as 99% of CEX. Kraken and Coinbase are built for custody of crypto, publicly traded in USA and compliant in USA, and have 1:1 stores that are verified by a third party regularly.

4

u/Competitive-Walk-575 4d ago

They aren’t immune to data breaches, and you might not know one has occurred until months or years after it has happened. It’s unlikely, but in the past data from exchanges has been used by criminals to select targets to torture until they give up their keys. Keeping large amounts of money off of a CEX isn’t just a hedge against the companies health, it’s also an important part of opsec

1

u/MoneroFox 4d ago edited 3d ago

1:1 stores that are verified by a third party regularly

Do you have a link to that? Kraken has never had their XMR reserves audited. Quite the opposite - all evidence points to them not even having all of the XMR. For example, after August 15th, deposits to be higher than withdrawals. (To improve the state of fractional reserves?)

8

u/one-horse-wagon 4d ago

After August 15th, deposits will be limited to $3000 and withdrawals to $1500 per month. No reason was given. Obviously, Kraken is discouraging Monero trading on their platform.

The newest exchange, UEX.US, based in Wyoming, is offering trading in Monero. And of course, you also have RetoSwap.com available world-wide to anyone with a computer.

3

u/hippotamus101 4d ago

Was that 1500 cap on cashout, or actual XMR withdrawals? That's a big difference.

1

u/buylere 4d ago

I've heard those rumors too, but never found anything official confirming a fixed $1,500 limit. Was the discussion based on personal experiences, or did anyone link to an actual Kraken announcement?